Chiliz’s native cryptocurrency CHZ turned out to be the best performing cryptocurrency over the last day amid increased bearish pressure. It owes its positive performance to the announced listing of multiple fan tokens on Bitpanda.
Chiliz confirmed the Bitpanda listings through its official Twitter handle. Some of the listed fan tokens include CITY, BAR, ATM, PSG, and JUV. These are all fan tokens that have been minted through the Chiliz network. This explains why investors responded positively to the listings by acquiring CHZ.
Strong buying volumes pushed up CHZ by as much as 18% within the last 24 hours. It rallied past the 0.786 Fibonacci retracement line at the $0.130 price level before experiencing a pullback below the same price point. CHZ traded at $0.125 at the time of this press, which means it was still up by roughly 8% in the last 24 hours.
Source: TradingView
CHZ’s pullback after the rally reflects the selling pressure in the cryptocurrency market. Most of the top cryptocurrencies were in the red during the CHZ rally. This confirms that the bullish pressure was enough to push against the overall market trend. However, the rally was still minimal compared to the magnitude of its downside from April.
Chiliz on-chain metrics
The supply held by top non-exchange addresses metric has been on a consistent uptick for the last seven days. Its performance resonates with the price uptick during the same period. However, the supply held by top exchange addresses remained consistent in the last 30 days.
This might be because the bear market in the last few months has seen most of CHZ’s supply flow back into exchanges. However, the consistent amount in large addresses in the last 30 days suggests that there are not enough outflows due to low buying volumes.
Source: Santiment
The low buying volume despite the latest price lows might explain the relatively small rally. However, CHZ’s 30-day MVRV ratio currently indicates that some of the buyers, especially those who bought at the recent bottom are currently in profit. The MVRV ratio bounced back from -45.39%, its lowest monthly level, too -9.1% at the time of writing.
Conclusion
CHZ’s current rally might be just the start of more upside to come. It confirms that the cryptocurrency can still command healthy demand, fueled by an organic utility. However, its metrics also point towards a cautious approach, with the risk of downside looming behind the scenes.
