The Potential Rise of CHZ by 149%
Over the past 24 hours, Chiliz [CHZ] has demonstrated remarkable growth, with a gain of 12.34%. This surge adds to the token’s overall monthly increase of 145.3%, underlining growing confidence among investors and heightened bullish activity.
Recent analysis suggests that CHZ is poised to continue its upward trajectory in the upcoming trading sessions. If the current positive momentum persists, CHZ could potentially reach its target of $0.35, solidifying its market position.
Currently, CHZ has broken out of a bullish triangle pattern after a period of consolidation, oscillating between a descending resistance line and a horizontal support level. The chart indicates a possible rise to the beginning of the descending channel at $0.35, reflecting a substantial 149.33% surge from its current price of $0.1382.
Despite this optimistic scenario, CHZ might face resistance around $0.1420, a level it needs to conquer to sustain its upward movement.
Market sentiment also appears positive, with participants likely to contribute to CHZ’s upward momentum.
Surge in Wallet Activity
Furthermore, data from IntoTheBlock indicates a significant increase in metrics suggesting heightened buying interest in CHZ.
The average balance of CHZ wallets has spiked to $10,569.93, one of the highest levels observed this week, signaling a substantial rise from the weekly average of $9,670.27.
An uptick in wallet balances often indicates increased buyer enthusiasm and growing demand, reflecting a higher level of confidence in the token’s potential.
Another notable metric is the coin holding period, which has steadily increased during December, now standing at an average of three months. This shift suggests a more long-term commitment from CHZ holders compared to previous short-term patterns.
Influx of Investor Funds into CHZ
Recent market data shows a rising flow of investor funds into CHZ.
The Chaikin Money Flow (CMF), a critical indicator for tracking capital inflows, has surged significantly, currently standing at 0.28, hinting that the ongoing rally may continue.
Furthermore, the Bull Bear Power indicator, which gauges market dominance between bulls and bears, indicates that bulls have taken charge, as evidenced by the strengthening bullish momentum bars, reinforcing the positive trend for CHZ.