Chiliz stretched its upward movements hours after revealing plans to launch Club Santos’ fan token. The cryptocurrency marketplace has struggled to maintain its gains amidst the prevailing uncertainty. CHZ is one of the few alts that have targeted more upside.
CHZ presented an impressive bullish reaction after its bottom at $0.08 on June 18. That was near price levels touched amidst May’s bottom, confirming reliable support zones.
While writing these lines, the altcoin traded near $0.115, following a 42% upsurge from the foothold. Nevertheless, CHZ still traded at massive discounts compared to the performance seen early in the year and its ATH levels.
Meanwhile, enthusiasts can compare Chiliz’s current rally to its massive bearish actions since April. The recent upside, plus the support retest, affirms the potential buy wall and its possible bottom. Also, the colossal accumulation since June 18 contributed to the upside journey.
The impressive upside had the Relative Strength Index pushing past the 50 neutral with barely any hurdle. CHZ could propel towards the overbought territory if the fan token triggered adequate volume.
Further Upside?
Chiliz’s supply distribution by address balance might paint clarity on the near-term direction following the recent upsurge.
Addresses with over 10,000 tokens have offloaded substantial amounts of CHZ within the past 24 hours. That confirms an imminent bearish retracement for the alternative token.
The plunge confirmed by the supply distribution matches the surged activity highlighted by the active deposits index. Daily addresses recorded a massive surge within the last day, aligning with readings in different metrics.
Moreover, Chiliz’s 24hr exchange outflows and inflows present notable activities. June 28 morning hours had CHZ’s exchange outflows, whereas inflows stood at 92,663. Nevertheless, the tides shifted, leading to overwhelming inflows at some time.
The exchange outflows and inflows correspond with readings from other metrics. The exchange outflows surge (at some time) confirmed crypto whales took advantage of the opportunity. Meanwhile, CHZ enthusiasts should evaluate broad market sentiments for informed decisions.
Bears controlled the crypto market today. While publishing this blog, the cumulative value of cryptocurrencies stood at $906.04 billion, following a 2.88% slide within the past day.
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