- Chiliz put in a dismal performance despite expectations of a rally in the wake of a global sporting event
- In the coming days, CHZ may not stop its downward trend
Chillies [CHZ]it Ethereum [ETH] token that powers Socio.com found favor with the latter’s whales, jumping into the top ten most bought tokens.
Whale tracking platform, WhaleStats, reported that action was taken by the top 5000 ETH whales. Despite the rally, CHZ brushed aside the market bulls as it rallied 16.55% in the last 24 hours.
Read Chili’s [CHZ] Price prediction 2023-2024
Be careful with wishes
The fallout came in the wake of the ongoing FIFA World Cup. Before the global event, investors expected an excellent CHZ performance, in large part, caused by the consistent rally ahead of the event.
Unfortunately circumstances has been different. In accordance CoinMarketCapChiliz’s 30-day performance was down 48.24%, trading at 0.118 at press time.
Considering the network growth, on-chain data showed that CHZ had deteriorated. An overview of this metric keeps track of the new addresses that have transacted using the Chiliz network. Since it went down to 224, it indicated remarkable hesitation by transferring CHZ tokens across wallets.
The volume figures also did not match the investors’ assumption. At press time, CHZ volume had dipped slightly to $21.79 million. This volume condition indicated declining market strength as CHZ in earnings resisted movement from 16 December.
Red is the new green
On the daily chart, CHZ appeared to have no desire for respite. This condition was reflected by the Moving Average Convergence Divergence (MACD). According to the MACD, the momentum for both buyers (blue) and sellers (orange) was below the histogram. Not only that, the fact that the orange line placed above the blue reflected bearish momentum.
According to its movement, CHZ did not seem to lose its disadvantage anytime in that short period of time. According to the Directional Movement Index (DMI), the direction was in favor of the buyer (green) not up to the seller (red). While buying power remained at 11.74, selling power was up to 31.63.
A more detailed evaluation of the DMI also echoed the stance of the Average Directional Index (ADX). Based on ADX (yellow) indications at 30.21, there was tremendous support for the sell direction. So CHZ falling from the charts may be approaching termination soon.
In other parts of its chain situation, Chiliz did not fare well with investor engagement with digital collectibles linked to the network. According to Santiment, CHZ NFT trading volume had dropped to 7,258.
The last time there was a notable rise in this regard was on 13 December. However, 24-hour active addresses were ripe with activity as it increased to 1629. This increase suggested a push for CHZ adoption despite its declining price.