Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

Chiliz distances itself from recent crypto drama but CHZ was…

2min Read
Chiliz distances itself from recent crypto drama but CHZ was...

Share this article

  • CHZ took on losses despite Chiliz not being directly exposed to events that triggered losses.
  • CHZ bulls are looking to take over but the coast may not be clear yet.

Chiliz recently joined the list of crypto projects that have released statements regarding the state of exposure to recent market woes. An attempt at boosting investor confidence in a month that has so far seen an influx of FUD.

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

Chiliz CEO Alexander Dreyfus recently noted that the network was not exposed to Silvergate, FTX, Celsius, SBV, or Signature.

His statement is on account of increased investor concerns regarding the state of most networks. A scenario that has led to liquidity outflows at least until things cool down. Dreyfus also added that Chiliz has instead focused on development.

Unfortunately, Chiliz’s native crypto CHZ still experienced the impact of the market turmoil caused by those black swan events in the last 12 months. As a result, CHZ was unable to hold on to its January gains. Instead, it pulled back in the last three weeks, wiping out previous gains.

CHZ price recap

CHZ exchanged hands at $0.106 at press time after a 40% dip from its February highs. It also fell almost to its January low, followed by a slight bounce back just before it dipped into the RSI’s oversold zone.

CHZ price action

Source: TradingView

Can CHZ bounce back strong? Well, the MFI indicates that noteworthy accumulation has been taking place. One key indicator that supports this is the 7-day MVRV which bounced back on 9 March after falling to a weekly low.

Chiliz CHZ MVRV ratio and supply held by top addresses

Source: Santiment

The bounce back confirms a surge in CHZ accumulation in the last two days. It thus indicates that those who bought near the recent lows are now in profit after the slight price uptick that occurred on Friday.

More importantly, whales have been accumulating. The supply held by top addresses metric registered a marginal upside within the last seven days.

 Is your portfolio green? Check out the Chiliz Profit Calculator

Whale accumulation is an important part because of the impact they have on price movements.

Meanwhile, the mean coin age achieved a steady incline in the last 7 days despite the price crash. A reflection of the aforementioned whale accumulation.

Chiliz network growth and mean coin age

Source: Santiment

Network growth also improved during the same weekly period. However, it pivoted on Friday, but this pivot might just be an indicator that the selling pressure was dying down.

The observed whale accumulation may offer some relief against the downside. Nevertheless, it does not act as confirmation that prices will not continue falling.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.