Recent movements triggered surges in Chiliz’s (CHZ) activity and price movement. The alternative token noted remarkable performance within the last seven days, surging approximately 27.20% in a week. Moreover, whales hold more than 60% of CHZ’s supply.
Coinmarketcap data shows that CHZ’s trading volume soared by approximately 50% within the last 24 hours. That has impacted its market capitalization, with the same surging by over 5% during this publication.
While publishing this post, eight whales held 67.18% of Chiliz’s supply or 5.97B coins. Moreover, most of the whales (49.7%) have their tokens in low-activity wallets. Only 17.48% stayed in high-activity addresses. Furthermore, 50 traders owned 15.73% (1.4B CHZ), whereas the retail space owned 1.52B Chiliz coins (17.08%).
Assessing CHZ’s price movement shows the trend-line suggested an upside bias in price action, with the line acting as resistance and support. The support stood at $0.18 while the resistance wavered at $0.25. Also, historical price actions show that $0.33 might ensure a hurdle upon breakouts from the obstacle at $0.25.
The OBV (on balance volume) stayed beyond 60, confirming massive volume actions, with some notable spikes. Also, the volume indicators confirmed substantial moves as far as trade is concerned. The RSI (Relative Strength Index) stayed beyond the neutral territory, heading towards the overbought region.
The DMI (Directional Movement Indicator) flashed the +DI & signal beyond the 20-level. The DMI and RSI confirmed a bullish bias, with the Relative Strength Index suggesting a potential dip into the overbought region for Chiliz.
The number of whales holding CHZ could highlight faith in the token and the project. Indeed, activities by large wallet investors would affect the alternative token. The price tendencies stayed positive during this publication.
Nevertheless, the Relative Strength Index’s swift uptick indicated a bearish bias. CHZ seems ready for more price upticks. And that could see the token testing another resistance.
Meanwhile, Bitcoin continued to battle bearish tendencies. While publishing this article, the leading crypto traded at $18,750.73, losing 1.32% over the past 24 hours. Also, the altcoin market suffered downturns, with Ethereum changing hands at $1,290. Upcoming tendencies remain essential to watch. Stay around.