- CHZ is quickly ranked as essentially the most traded token by the highest 100 ETH whales.
- Its worth has been on a constant decline since FTX’s collapse.
Chiliz [CHZ] lately discovered favor with high Ethereum [ETH] whales because the altcoin momentarily flipped Shiba Inu [SHIB] as essentially the most traded token by this cohort of buyers, knowledge from WhaleStats revealed.
📰 JUST IN: $CHZ @chiliz flipped $SHIB for MOST TRADED token amongst high 100 #ETH whales
Verify the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see knowledge for the highest 5000!)#CHZ #SHIB #whalestats #babywhale #BBW pic.twitter.com/BC2o5ZRn0n
— WhaleStats (monitoring crypto whales) (@WhaleStats) January 1, 2023
This, nonetheless, didn’t translate into any constructive worth rally for CHZ because it continued the bearish pattern it closed 2022 with.
At press time, CHZ exchanged palms at $0.1001, logging a 0.1% decline in worth within the final 24 hours and an 8% drop in buying and selling quantity inside the identical interval.
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Oversold is the story for CHZ
At press time, key momentum indicators have been positioned removed from their respective impartial traces. Indicating that CHZ was severely oversold, its Relative Energy Index (RSI) was noticed at 27.40. Additionally, in a downtrend, the Cash Circulate Index (MFI) was seen at 32.30.
These indicated clearly the unfavorable sentiment that was widespread within the CHZ market. The RSI and MFI fell beneath their impartial spots within the wake of the FTX debacle and have since been on a downtrend. Since then, CHZ has shaved off 62% of its worth.
The bears initiated the constant decline in CHZ’s worth, thus placing sellers accountable for the market since mid-November. The place of CHZ’s Directional Motion Index (DMI) ever since confirmed this.
At press time, the sellers’ energy (purple) at 31.24 rested above the consumers’ (inexperienced) at 8.39. Moreover, the Common Directional Index (ADX) above 25 at press time indicated that the distribution pattern was vital and the bulls would possibly battle to regain market management.
As well as, the shifting common of CHZ’s Bollinger Bands (BB) confirmed the lingering bull weak point available in the market. CHZ’s worth broke out of the decrease band of the BB in mid-December, additional lending credence to the oversold standing of the crypto asset, which is perhaps due for a pattern reversal.
Supply: TradingView
What number of CHZs are you able to get for $1?
Unfavorable sentiment and the idea that CHZ is overvalued
On-chain knowledge from Santiment confirmed that CHZ has been trailed by unfavorable sentiment since 22 December. Nonetheless unfavorable at press time, this stood at -0.321%.
Additionally, logging a unfavorable worth of -16.54% at press time, CHZ’s MVRV indicated that it was undervalued. Though holders who promote at this vary will incur losses on their investments primarily based on the MVRV readings, the undervalued nature of CHZ for the time being makes it a superb time to purchase.
Supply: Santiment
