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

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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.


Here’s AMBCrypto’s Price Pre­dic­tion for Chiliz [CHZ] for 2023–2024


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. 

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



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