- CHZ is quickly ranked as probably the most traded token by the highest 100 ETH whales.
- Its value has been on a constant decline since FTX’s collapse.
Chiliz [CHZ] just lately discovered favor with high Ethereum [ETH] whales because the altcoin momentarily flipped Shiba Inu [SHIB] as probably the most traded token by this cohort of buyers, information from WhaleStats revealed.
📰 JUST IN: $CHZ @chiliz flipped $SHIB for MOST TRADED token amongst high 100 #ETH whales
Test the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see information for the highest 5000!)#CHZ #SHIB #whalestats #babywhale #BBW pic.twitter.com/BC2o5ZRn0n
— WhaleStats (monitoring crypto whales) (@WhaleStats) January 1, 2023
This, nonetheless, did not translate into any optimistic value rally for CHZ because it continued the bearish pattern it closed 2022 with.
At press time, CHZ exchanged fingers at $0.1001, logging a 0.1% decline in worth within the final 24 hours and an 8% drop in buying and selling quantity throughout 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 Stream Index (MFI) was seen at 32.30.
These indicated clearly the unfavourable sentiment that was widespread within the CHZ market. The RSI and MFI fell under 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 value, thus placing sellers in command of the market since mid-November. The place of CHZ’s Directional Motion Index (DMI) ever since confirmed this.
At press time, the sellers’ power (crimson) at 31.24 rested above the patrons’ (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 wrestle to regain market management.
As well as, the transferring common of CHZ’s Bollinger Bands (BB) confirmed the lingering bull weak spot available in the market. CHZ’s value 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 can you get for $1?
Adverse sentiment and the idea that CHZ is overvalued
On-chain information from Santiment confirmed that CHZ has been trailed by unfavourable sentiment since 22 December. Nonetheless unfavourable at press time, this stood at -0.321%.
Additionally, logging a unfavourable 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 in the mean time makes it a superb time to purchase.
Supply: Santiment