The Chiliz (CHZ) price has remained above the $0.10 level in the face of intense bearish pressure over the past month. With new fans flocking to the Chiliz ecosystem, could the CHZ price experience a last-minute uptick before the soccer season ends?
Chiliz (CHZ) is a leading blockchain ecosystem for sports and entertainment. Recently, the network has struggled to attract new users, which has caused CHZ’s price to spiral downwards over the last few months.
However, on-chain data reveals that in the past few days, the Chiliz network has attracted many new network participants. This increase in demand has assisted the bulls in holding the $1 support level. Is it a mere coincidence, or the beginning of a real CHZ price upswing?
Rising Chiliz Network Growth
The Chiliz network has managed to attract a flurry of new network participants this week after losing traction persistently for almost a month. The chart below illustrates that Chiliz network growth has risen from 75 new addresses on May 20 to 117 new wallet addresses created on May 30.
Network growth monitors the number of new wallet addresses generated daily on a blockchain network and indicates a project’s growing market share when it consistently rises. As observed above, the Chiliz blockchain network’s growth has positively affected CHZ’s price in the last few days.
Whales Are Buying Again
After a long period of a bearish trend, crypto whales, people holding a large number of CHZ coins, have begun accumulating them again. On-chain data shows that crypto whales with 1 million to 10 million CHZ balances have been instrumental in the recent price increase. Between May 24 and May 29, they added 13 million CHZ to their wallet balance.
At the current market value of $0.10, the fresh investment made by these whales this month is worth around $1.3 million. The whale community holds a significant portion of the total CHZ circulating supply, which gives them the power to influence other retail investors to become bullish.
If the whales continue buying in the coming weeks, CHZ’s price will inevitably rise to new heights.
Can CHZ Price Rebound to $0.12?
Considering the bullish activity among whale investors, CHZ’s price may rise towards $0.12 in the coming days. However, the In/Out of The Money Around Price (IOMAP) data by IntoTheBlock shows that CHZ could face initial resistance around $0.11.
As illustrated below, 1,050 investors bought 1.04 billion CHZ at an average price of $0.105, and they may act as a sell-wall.
Nonetheless, if the bullish momentum prevails, as expected, CHZ’s price could easily surge to $0.12.
On the other hand, if CHZ unexpectedly falls below the critical $0.99 support zone, the bears could invalidate the bullish Chiliz price prediction. However, 548 investors who bought 4.15 million CHZ at an average price of $0.99 are likely to prevent that from happening. If the support level is breached anyway, CHZ could retrace further toward $0.90.
Disclaimer
This price analysis article is for informational purposes only and should not be considered financial or investment advice, as per the Trust Project guidelines. Bitrabo strives for unbiased and accurate reporting, but market conditions change without notice. Before making any financial decisions, please conduct research and consult a professional.
