Highlights during the World Cup Chiliz (CHZ) regained some activity on the buy side after a while. Investors, on the other hand, took this activity seriously and included it among the most purchased tokens.
Investor interest and increasing buying pressure did not have a positive effect on the CHZ price. The market, which was under the control of the bears, also triggered a drop in the token price.
JUST IN: $CHZ @chiliz now on top 10 purchased tokens among 500 biggest #ETH whales in the last 24hrs 🐳
(and hodl $BBW to see data for the top 500!)#CHZ #whalestats #babywhale #BBW pic.twitter.com/fmREWwvelK
— WhaleStats (tracking crypto whales) (@WhaleStats) December 25, 2022
Bears’ dominance of the market cryptocurrency caused a drop in price. CHZ is down 1% in the last 24 hours and is trading at $0.11.
The accumulation of whales increased Chiliz trading volume by 25%. Despite the high volume, its market cap also lost 1% to $674,946,131.
With the previous support price breaking, $0.1093 and $0.1124 are acting as the main resistance levels. As a result, CHZ price is currently leaving its symmetrical formation and is trading towards support. If the price reaches the support level, it could decline below $0.10.
If the bulls unexpectedly take control, we could see a resistance at $0.1124. Chiliz is currently trading below the 200 MA and the 50 MA indicates that the downtrend will continue. As CHZ breaks out of the oversold zone, the RSI of 29.14 and the upside potential keep things optimistic. As a result, the movement of the bulls may also result in the bears trying to gain strength.
The MACD’s -0.0175 level represents an increase in bearish dominance, trending into negative territory below the signal line. To counter the bears and reverse the current situation, the bulls need to hold the support level and push prices higher.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.