Connect with us
Active Currencies 14739
Market Cap $2,551,131,363,846.72
Bitcoin Share 51.56%
24h Market Cap Change $-4.25

Chiliz: This update could set the pace for more demand as CHZ bottoms out

3min Read

CHZ’s 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 that bought at recent lows.

Share this article

  • 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.


Is your portfolio green? Check out the Chiliz Profit Calculator


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.

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.

CHZ price action

Source: TradingView

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 mean coin age and transaction volume

Source: Santiment

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.

CHZ supply held by top addresses and MVRV ratio

Source: Santiment

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.

 

Share

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.