Chiliz: This update could set the pace for more demand as CHZ bottoms out
- CHZ might experience more demand as Chiliz expands to more exchanges.
- CHZ is ripe for a rally but there is one major factor holding it back.
The Chiliz [CHZ] network is currently in its expansion phase and its latest announcement revealed a possible catalyst for CHZ’s adoption. So, let’s take a look at what is happening with the Chiliz ecosystem.
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Chiliz recently revealed that the network was working toward integrations with major exchanges. This was while talking about its mainnet 2.0 integration with Binance.
The expansion of CHZ into multiple exchanges is perhaps the key highlight of the announcement. This is because such a development could escalate CHZ’s rate of adoption.
📢 @Binance will support the Chiliz 2.0 Mainnet Integration and Swap
The Sports Blockchain_ is coming to major exchanges. 🤝
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) August 30, 2023
The availability of CHZ on major exchanges could unlock a wave of new liquidity into the cryptocurrency. But could this be enough to trigger a pivot in CHZ’s price action?
CHZ could be headed for a bullish relief
CHZ has been on a bearish trajectory throughout August. In fact, it has been on an overall downtrend since its peak in November last year. It recently tanked to a historic low of $0.060 earlier this month. However, CHZ bears were showing signs of exhaustion at the time of writing.
In addition to bears slowing down, CHZ was briefly oversold during last week’s trading session. The Money Flow Index (MFI) also dipped into oversold territory and showed no signs of accumulation. Could this finally signal that the elusive pivot is about to commence?
These CHZ metrics show signs of changing dynamics
CHZ’s mean coin age declined for the last three days, meaning quite a large amount of the cryptocurrency exchanged hands. Interestingly, there was a large spike in transaction volume around the same time, which could be consistent with accumulation at the recent bottom range.
CHZ’s Market Value to Realized Value (MVRV) ratio just bounced back from its bottom range. This confirmed that there was significant accumulation in the last few days, hence the upside reflected the profitability of those who bought at recent lows.
Despite the outcome observed with the MVRV ratio, whales might still be holding back CHZ bulls from achieving their full potential. The supply held by the top addresses metric was at its lowest level in the last four weeks after demonstrating some outflows in the last few days.
How many are 1,10,100 CHZs worth today
The aforementioned whale activity explained why CHZ’s price action remains subdued even though accumulation has been gaining traction. This means whale activity is the biggest factor that CHZ traders should keep an eye on. A pivot in the supply held by top addresses will likely indicate the start of CHZ’s next rally.