Chiliz (CHZ) price faces a potential further decline as on-chain data shows a lack of new demand and increased selling activity from long-term holders, with a CHZ price prediction of a drop towards $0.086.
Chiliz (CHZ) price has lost 23 percent in May as it approaches a new 2023 low. On-chain data show that investors appear to be losing confidence. What are the chances of a potential CHZ price recovery?
Over the last 14 trading days, Chilz (CHZ) price has hovered around the $0.10 level of support. With longstanding holders selling and the Chiliz network struggling to attract fresh demand, CHZ price outlook now looks increasingly bearish.
Here’s a data-driven on-chain analysis of how far CHZ could fall in the coming days.
The Chiliz Ecological system Has Been Attracting Fewer New Users
Reports by the data presented by Santiment, CHZ has been struggling to attract new demand since March 2023. The chart below illustrates that the last time Chiliz attracted up to 400 new users in one day was March 20, 2023.