Chiliz [CHZ]: Before you decide to buy or not to buy, read this

1 year ago 114
  • CHZ is temporarily ranked arsenic the astir traded token by the apical 100 ETH whales.
  • Its terms has been connected a accordant diminution since FTX’s collapse. 

Chiliz [CHZ] precocious recovered favour with apical Ethereum [ETH] whales arsenic the altcoin momentarily flipped Shiba Inu [SHIB] arsenic the astir traded token by this cohort of investors, information from WhaleStats revealed.

📰 JUST IN: $CHZ @chiliz flipped $SHIB for MOST TRADED token among apical 100 #ETH whales

Check the apical 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to spot information for the apical 5000!)#CHZ #SHIB #whalestats #babywhale #BBW pic.twitter.com/BC2o5ZRn0n

— WhaleStats (tracking crypto whales) (@WhaleStats) January 1, 2023

This, however, failed to construe into immoderate affirmative terms rally for CHZ arsenic it continued the bearish inclination it closed 2022 with.

At property time, CHZ exchanged hands astatine $0.1001, logging a 0.1% diminution successful worth successful the past 24 hours and an 8% driblet successful trading measurement wrong the aforesaid period.


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Oversold is the communicative for CHZ

At property time, cardinal momentum indicators were positioned acold from their respective neutral lines. Indicating that CHZ was severely oversold, its Relative Strength Index (RSI) was spotted astatine 27.40. Also, successful a downtrend, the Money Flow Index (MFI) was seen astatine 32.30. 

These indicated intelligibly the antagonistic sentiment that was wide successful the CHZ market. The RSI and MFI fell beneath their neutral spots successful the aftermath of the FTX debacle and person since been connected a downtrend. Since then, CHZ has shaved disconnected 62% of its value. 

The bears initiated the accordant diminution successful CHZ’s price, frankincense putting sellers successful power of the marketplace since mid-November. The presumption of CHZ’s Directional Movement Index (DMI) ever since confirmed this. 

At property time, the sellers’ spot (red) astatine 31.24 rested supra the buyers’ (green) astatine 8.39. Furthermore, the Average Directional Index (ADX) supra 25 astatine property clip indicated that the organisation inclination was important and the bulls mightiness conflict to regain marketplace control.

In addition, the moving mean of CHZ’s Bollinger Bands (BB) confirmed the lingering bull weakness successful the market. CHZ’s terms broke retired of the little set of the BB successful mid-December, further lending credence to the oversold presumption of the crypto asset, which mightiness beryllium owed for a inclination reversal. 

Source: TradingView


How many CHZs tin you get for $1?


Negative sentiment and the content that CHZ is overvalued

On-chain information from Santiment showed that CHZ has been trailed by antagonistic sentiment since 22 December. Still antagonistic astatine property time, this stood astatine -0.321%.

Also, logging a antagonistic worth of -16.54% astatine property time, CHZ’s MVRV indicated that it was undervalued. Although holders who merchantability astatine this scope volition incur losses connected their investments based connected the MVRV readings, the undervalued quality of CHZ astatine the infinitesimal makes it an fantabulous clip to buy.

Source: Santiment

Abiodun is simply a full-time writer moving with AMBCrypto. He is besides a lawyer with implicit 2 years of experience. With a keen involvement successful blockchain exertion and its limitless possibilities, Abiodun spends his clip knowing the technology, gathering projects, and educating radical astir it.

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