Chiliz [CHZ] extended its decline over the past 24 hours, falling 11.41% to $0.02127 as selling pressure intensified across markets. According to reports from CoinDesk, the token's trading volume rose 25.46% to $67.13 million, indicating that traders remained highly engaged despite the continued weakness in price action. The sharp rise in activity suggested that market participation increased as volatility expanded, yet buyers failed to establish meaningful support.
Spot market data continued highlighting persistent selling activity despite the surge in overall trading participation. As reported by CoinDesk, the 90-day Spot Taker CVD remained seller-dominant, indicating that active trades are primarily driven by position closures and selling rather than buying on dips. Even during occasional intraday rebounds, buying pressure has been insufficient to reverse the overall downward trend. This type of price movement typically indicates that market participants are willing to exit their positions at lower prices, with the recent series of lower highs and lower lows continuing to persist.
Looking at the daily chart, Chiliz [CHZ] price approached a critical demand zone after breaking below two previously supportive price levels at $0.0287 and $0.0374. According to CoinDesk analysis, CHZ traded near the $0.02 area after previously falling below these key support levels. The downward trendline continues to suppress rebounds, with each upward attempt failing to hold. The Relative Strength Index dropped to 26.89, entering the oversold zone and typically indicating strong selling pressure that may lead to a short-term technical rebound. However, until the resistance from the trendline is lifted, the overall structure remains bearish.
Derivatives traders increasingly positioned for additional downside as sentiment deteriorated across futures markets. As reported by CoinDesk, CHZ's OI-Weighted Funding Rate fell sharply into negative territory and reached approximately -0.0731%, indicating that short traders are paying fees to long traders to maintain their positions. This indicator remained mostly positive for the preceding months but has recently weakened sharply, indicating a clear shift in contract traders' sentiment. Although deeply negative funding rates can sometimes create conditions for short squeezes, the more immediate signal suggests that short positions dominate the market.
The $0.02 demand zone now represents the most critical level on the chart, with CoinDesk noting that if selling pressure remains elevated, CHZ may continue to decline. However, if buying interest re-emerges at this level, a short-term recovery could be possible. The broader structure remains bearish because the price continues trading beneath the descending resistance trendline, with negative Funding Rates suggesting continued bearish sentiment could influence future price behavior. Until the resistance from the trendline is lifted, the overall structure remains bearish despite the potential for oversold bounce conditions.
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