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CHZ jumps 27% in the last seven days as whales now prefer green ‘Chiliz’

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Chiliz [CHZ], recently, witnessed a rise in price movements and activity. With a 27.20% increase over the past week, CHZ is now worth more than it was a week ago. Furthermore, over 60% of the tokens are held by whales.

A look at ownership percentage

Coinmarketcap data indicates that the trading volume for the token increased by about 50% in the last 24 hours. The market cap has been impacted as well, rising well over 5% as of the time of writing.

At press time, there were eight whales that collectively hold 67.18% of all CHZ tokens or 5.97 billion tokens. The majority of these whales, or 49.7%, have their assets located at low-activity addresses. Only 17.48% are located in high-activity addresses. In addition, 50 investors owned 15.73% (or 1.4 billion CHZ), while the retail sector owned 17.08% (or 1.52 billion CHZ).

Source: IntoTheBlock

A look at the price performance

Looking at the price movement of CHZ, the trend line showed an upward trend in price movement, with the line serving as support and resistance along the way. The resistance level stood at $0.25 while support was at $0.18. Historical price movements also displayed that $0.33 could serve as the resistance level if it breaks the 0.25 resistance.

Source: TradingView

The On Balance Volume (OBV) indicator was over 60, showing a lot of movement in volume, with some spikes noticed. The volume indicator also showed considerable movements in terms of trade. The Relative Strength Index (RSI) was above the neutral zone moving upwards toward the overbought zone.

The Directional Movement Indicator (DMI) depicted the plus DI and signal line above the 20 line. The RSI and DMI indicated a bullish trend, with the RSI indicating a possible move into the overbought zone for CHZ.

Source: TradingView

The percentage of whales holding the CHZ token might be an indication of trust in the project and the token. Their activities will definitely impact the token.

The price movement remained positive till the time of writing. However, a swift surge of the RSI may be indicative of a bearish trend. However, the possibility of a further increase in price still stands and once that happens, a new resistance might be tested.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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