• 26 May, 2024
Market News

CHZ on-chain data signals signs of rebound for NFT token

The sell-off that is set in November extends to the middle of December. The token tested an all-time high at $0.3000. However, it has dropped more than 50% to date. After analyzing the last seven on-chain data and CHZ price analysis it could be inferred that the upside pressure is not going to fade away in short term.

Chiliz (CHZ) which is the official crypto of Socios.com, is a web-based platform that facilitates the exchange of tokens in exchange for the support of professional sports teams.

  • Chiliz token’s whale began selling their holdings seven days ago.
  • CHZ’s value dropped almost 17% since the beginning of the last month of the year.
  • With a market cap of $860,387,618 ranks at #48 as per Coinmarketcap.

According to Lookonchain data, the whale with CHZ holdings worth $102.6M transferred their coins on 8 December. The whale first sends $3M to nine addresses and to different exchanges Binance, OKX, By bit, and Kucoin through the same addresses.

Further, the top 30 holders of the token reduced their total holding of 36M $CHZ ($5M) in the past week.

As observed in the below graph, total token transfers remained has been declining for the past month. This indicates the price might be nearing the bottom.

At the time of writing, CHZ is trading at $0.1389, down 0.74% for the day. Likewise, trading volume declined by 29% in the last 24 hours.

As per the technical analysis, on the daily chart, the Chiliz is in a medium-term downtrend after forming the “Triple Top” formation near $0.2741. Since then the price has tested the horizontal support near $0.1389. In the previous session the formation of a “Doji candlestick “indicates a rebound from the current levels.

The daily RSI (14) trades in the oversold zone. But still, the market has a scope of further lower movement as the asset is still far from the extreme selling market structure.

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