Is holding Chiliz essential for investors to beat the bear market

Please fol­low and like us:
Pin Share

At press time, CHZ was the only token that saw a sig­nif­i­cant­ly pos­i­tive ROI in the last sev­en days amongst the top 40 coins based on mar­ket cap. The token trad­ed at $0.2272 at press time with a growth of 10.36% in the last week. 

Evi­dent­ly, the CHZ token has weath­ered the bear­ish storm and has come out on top.

CHZ revolved between the $0.245 resis­tance and $0.182 sup­port for the past three weeks. After test­ing the $0.182 sup­port line on 8 Sep­tem­ber, the price of the CHZ token ral­lied. The price has test­ed the $0.24 resis­tance mul­ti­ple times and it remains to be seen if the resis­tance can be broken.

Source: Trad­ingView

At the time of writ­ing, the RSI was at 58.64, there­by, indi­cat­ing that the momen­tum was on the buyer’s side. The OBV showed some bull­ish signs as its over­all direc­tion was pos­i­tive. How­ev­er, the CMF stood at ‑0.07. There­by, indi­cat­ing that the mon­ey flow was with the sellers. 

One of the rea­sons for the hike could be attrib­uted to the mas­sive growth the token wit­nessed in terms of social engage­ment. Here­in, the met­rics saw a spike of +60.79% in its social men­tions over the past month. And, an appre­ci­a­tion of 66.11% in social engagements. 

The surge in its social media pres­ence could be attrib­uted to CHZ’s mul­ti­ple part­ner­ships with dif­fer­ent exchanges and col­lab­o­ra­tions with var­i­ous foot­ball teams for fan tokens.

In addi­tion, trad­ing vol­ume reit­er­at­ed the same pic­ture. From 250 mil­lion on 15 Sep­tem­ber, the vol­ume went up to 887 mil­lion at press time. 

Its mar­ket cap also grew from 1.08 bil­lion to $1.37 bil­lion in the past four days. Both of these nar­ra­tives could be seen in the graph below. 

Source: San­ti­ment

The CHZ token’s volatil­i­ty has also reduced to 1.21. This could be seen as a pos­i­tive sign for investors look­ing for a sta­ble token to invest in.

Making marks

Chiliz, made two major announce­ments on 15 Sep­tem­ber. The com­pa­ny invest­ed $100 mil­lion into foot­ball club Barcelona’s dig­i­tal ventures. 

The oth­er announce­ment was regard­ing their upper man­age­ment as they hired a group CFO to han­dle operations.

Both these announce­ments gar­nered investors’ interest.

Although mul­ti­ple fac­tors are favor­ing the CHZ token, read­ers are advised to be cau­tious before enter­ing a trade as CHZ’s price could be sub­ject to mas­sive volatil­i­ty in the short term.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.