Chiliz (CHZ) Hits 2023 Low: Discover the Reasons

Chiliz (CHZ) Hits 2023 Low: Discover the Reasons


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. 

READ NOW
$29 Million in Crypto: Do Kwons Allegedly Stolen Funds Still Missing

In comparison, the highest number of new entrants recorded these 30 days was 190 on May 10. 

Network Growth measures the number of new wallet addresses created daily on a blockchain tech network.

It provides a rough estimate of the price at which the Chiliz ecological system attracts new demand. And once it starts to decline steeply, as observed over, it signifies a dearth of new possibilities investors. 

Long-Term Holders are Looking to Sell 

This coming week, Chiliz longstanding investors have increased their selling activity.  This is a further confirmation of the general bearish sentiment surrounding CHZ. 

The Santiment chart below shows that CHZ Age Consumed spiked significantly to 43.53 Billion on May 23. This represents a 620 percent boost from the past few high of 5.97 Billion recorded on May 20. 

Chiliz (CHZ) Price Prediction, May 2023 - Age Consumed
Chiliz (CHZ) Price Prediction, May 2023 – Age Consumed. Source: Santiment 

Age Consumed evaluates the number of recently moved coins multiplied by the number of days spent in their previous wallet addresses.

And once it spikes considerably, as seen over, it signifies that longstanding holders are selling off large amounts of coins. 

In summary, a downward tendency in Network Growth implies that the heightened sell pressure from Chiliz longstanding holders traders will likely result in a further CHZ price decline. 

CHZ Price Prediction: A Decline Toward $0.086 Could Be the Next Move

IntoTheBlock’s IOMAP data implies that CHZ still has whole lot of support around the $0.10 zone. On the other hand, with the level of bearish sentiment building up, that level of support is not likely to hold for much longer. 

As seen below, a cluster of 847 holders that purchased 512.85 CHZ at an average price of $0.10 could offer support.

If as expected, the level of support cannot hold, CHZ could end up dropping as low as $0.086

Chiliz (CHZ) Price Prediction, May 2023 - IOMAP
Chiliz (CHZ) Price Prediction, May 2023 – IOMAP. Source: IntoTheBlock

Conversely, the bears could invalidate the positive  tendency Chiliz price forecast if CHZ breaks over the critical $0.105 resistance. 

On the other hand, the  capacity sell pressure from the 967 investors that 1.05 Billion CHZ at an average price of $0.105 could force another pullback. 

If the price manages to breach that resistance, Chiliz could proceed to reclaim the $0.12 milestone. 

Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend