Is Chiliz [CHZ] the crypto to watch as it ends October with a bang

Chiliz’s [CHZ] initial performance in October left investors with visible scars but the leading blockchain token has ended the month with a bang. A look at CoinMarketCap showed that the thirty-day performance of the CHZ was a 14.61% decrease. However, the last 24 hours had seen CHZ leave the drop zone and surged 15% to trade at $0.2258.

Coincidentally, LunarCrush ranked Chiliz as the top altcoin out of 3,954 coins in the market. According to the social intelligence data platform, CHZ’s social metrics were all in three-figure percentage increases.

Based on relative combined social + market activity, @Chiliz has hit an AlternativeRank™ of 1 out of the top 3,954 coins across the market.

24-hour activity:
Total social mentions: +165%
Avg social contributors: +129.4%
Total social engagements: +343.6%

— LunarCrush (@LunarCrush) October 31, 2022

Time to direct the focus to CHZ?

Before the recent update, CHZ hit a similar landmark three weeks back. Although it was not top of the standing, Chiliz had incredible social mentions and engagements during the period. Due to this repetition, could it be time for investors to shift their focus to the altcoin?

According to Santiment, it might be time to do that especially with the FIFA world cup drawing near. Chiliz itself is a blockchain-based provider for sports and is well involved with the upcoming international event.

However, the event was not the only reason it might be time to give CHZ the attention it probably deserves. Based on the on-chain data available at press time, CHZ’s thirty-day Market Value to Realized Value (MVRV) ratio was 12.81%. A close look at the trend showed that the MVRV ratio was at a negative value up until 30 October when it began the rise from -0.345%. At this rate, CHZ investors had been able to recoup profits from investing in it.

Source: Santiment

Apart from the MVRV, Chiliz witnessed some great numbers in other parts. Furthermore, Santiment showed that it had massively improved per its network growth. As of this writing, CHZ network growth had increased to 287. Similarly, its 24-hour volume was at impeccable numbers.

With its value at 684.95 million, a 267% increase, CHZ seemed set to rally even further. Despite the volume increase, there was a possibility that it could come with consequences in the short term. This was because accumulating much cryptocurrency in such a short period could lead to mass sell-off of the assets when profits hit a certain height.

Source: Santiment

CHZ on the charts 

Based on the daily chart, a lot of CHZ had been accumulated and distributed from 30 October. However, the Bollinger Bands (BB) revealed that Chiliz was on the verge of losing the high volatility it displayed earlier.

In the instance where it happens, CHZ might stabilize the recent price hike and consolidate between $0.20 and $0.25. Hence, buyers might need to add more pressure to their accumulations so as to resist the possibilities of selling that could take the CHZ price down.

Source: TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *