- Chiliz marks its fifth anniversary and receives approval for trading in Indonesia, setting favorable conditions for potential bullish movement.
- Despite whale accumulation, CHZ struggles to muster sufficient bullish volume, reflecting low market enthusiasm.
Blockchain-based sports token Chiliz [CHZ] is showing signs of recovery following a significant downturn that has characterized the past two months. The pivotal question remains: Can CHZ gather enough bullish volume to underpin a robust turnaround?
Several recent developments could potentially bolster CHZ’s bullish trajectory. On June 18, Alexandre Dreyfus, the founder of Chiliz, announced that the Indonesian government had whitelisted CHZ, making it one of the 400 officially approved digital assets for trading within the country. This approval could act as a welcome catalyst for CHZ bulls, potentially strengthening investor confidence at a time when a fresh incentive for market entry is greatly needed. Coinciding with this positive news, Chiliz celebrated its fifth anniversary on the same day, adding to the upbeat sentiment.
Despite these encouraging developments, CHZ’s bearish streak only recently ran out of steam, with the sports token trading at $0.067 at the time of writing. The sideways trading observed for more than a week implies low demand, which clarifies why bullish investors have yet to seize control.
CHZ’s Money Flow Indicator echoes the muted accumulation sentiment, mirroring a similarly tepid pattern in the Relative Strength Index (RSI). Nonetheless, certain on-chain indicators suggest that the tides might be turning.
One such promising sign is the steady increase in supply held by top addresses over the past five weeks, signaling that whales have been scooping up CHZ at discounted prices.
This whale accumulation raises the probability of a bullish bounce. However, a noticeable lack of excitement pervades the market, a sentiment underscored by CHZ’s low on-chain volume. Even as whale investors build their positions, the cryptocurrency’s daily trading volume remains lackluster.
The retail segment echoes this muted enthusiasm, as indicated by the number of daily active addresses. Having peaked for the month on June 10, this figure has since retreated to its lower monthly range.
Despite these challenges, there’s a glimmer of hope for CHZ bulls as investor sentiment has started to show signs of improvement over the past few days.
