Chiliz turning bullish – Can CHZ extend its gains from here?

Chiliz [CHZ] recorded a 7.50% price jump, marking its fourth consecutive day of gains over the past four days. This rally came during a period when the broader crypto market experienced intense selling pressure and a price decline.

Data from CoinMarketCap shows that CHZ’s 7.50% gain over the past 24 hours has outperformed major cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH], XRP, and others.

At press time, CHZ traded at $0.046, with a huge increase in market participation, as the asset’s trading volume jumped 22% to $106.5 million. 

CHZ: Investors and traders turn bullish 

So far, investors and whales have also shown strong interest in the asset, which has been recorded by derivatives and analytics platforms CoinGlass and Santiment.

According to CoinGlass data, since the 21st of April, exchanges have recorded continuous outflows, hinting at potential accumulation as assets move from exchanges to wallets, which is generally considered a bullish signal.

Meanwhile, Santiment disclosed that since the 4th of May, wallets holding between 100,000 and 10 million CHZ tokens have increased their holdings by 60 million tokens.

This growing demand from investors and whales could be a potential reason behind CHZ’s upward move, and it also suggests that the current level may present an ideal buying opportunity for the asset.

Meanwhile, traders also appear to be following the current trend by betting on further upside momentum.

According to the exchange liquidation map, $0.042 on the lower side (support) and $0.0477 on the upper side (resistance) are the two major liquidation levels where traders are currently overleveraged.

Data shows that traders at these levels have built $1.47 million worth of long positions and $1.19 million worth of short leveraged positions, which clearly indicates that bulls are dominating the asset and are betting on further price upside.

Final Summary

• Chiliz’s 7.50% gain has turned the asset bullish, and price action now suggests that a potential 26% further rally could be on the horizon.
• Since Monday, CHZ whales have shown a strong interest in the asset, accumulating 60 million tokens, which hints at a potential ideal buying opportunity.