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As Chiliz [CHZ] reveals its ups and downs from Q1, here’s what to expect in Q2

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Despite multiple developments, Chiliz’s daily and weekly active users gained declining momentum in Q1. However, CHZ managed to register gains in the last 90 days. 
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As Chiliz [CHZ] reveals its ups and downs from Q1, here's what to expect in Q2
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– Last quarter, Chiliz celebrated its fifth anniversary with a rebranding.

– The latest price action was bullish, and indicators were supportive of a further price hike.

Chiliz [CHZ] posted a tweet on 13 April highlighting all the developments that happened in its ecosystem over the first quarter. The tweet mentioned CHZ’s fifth anniversary with its rebranding, among other updates. 

Read Chiliz’s [CHZ] Price Prediction 2023-24

Chiliz Q1 2023 updates

The tweet revealed that Korean soccer star Minjae Kim had become Chiliz’s brand ambassador. Apart from that, the sports-based cryptocurrency also announced the public launch of its new sports blockchain, which would take place sometime in May 2023. 

Chiliz users on a declining trend

Unfortunately, the first quarter was not the best for Chiliz in terms of user activity on the network. Notably, Dune’s data revealed that both weekly and daily active users declined over the period of the last 90 days. 

Source: Dune

Regardless, CHZ’s network growth remained high, indicating new addresses were used to transfer the token. Token transfers among wallets were also high, as evident from the network’s velocity.

Source: Santiment

CHZ eliminated a ZERO

During the beginning of this year, CHZ was valued at around $0.099. However, as the first quarter ended, CHZ removed the zero and increased its value to $0.118. In Q1, CHZ’s price touched a high of $0.17 in the second week of February.

CHZ also remained in demand in the futures market, which was evident from its green Binance funding rate throughout the quarter. 

Source: Santiment

It was also interesting to note that CHZ’s exchange outflow remained consistent, which was an optimistic sign. The graph spiked on 25 March, followed by an uptrend over the next few days. 

Source: CryptoQuant

Realistic or not, here’s CHZ market cap in BTC’s terms

What to expect in Q2

As per CoinMarketCap, CHZ’s price action remained bullish as its price went up by over 5% and 3% in the previous week and the last 24 hours, respectively. At press time, it was trading at $0.1332, with a market capitalization of more than $924 million. A look at CHZ’s daily chart suggested that the bullish momentum might continue.

The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover. CHZ’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were both resting above the neutral mark, increasing the chances of a continued price hike. 

Source: TradingView

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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