- After a short push up the charts CHZ whales pulled in about $3 million from Binance.
- CHZ direction could trade sideways as traders rush for the token.
Some relief was provided by altcoins, which were available for purchase in the first week of January Chiliz [CHZ] Register value rises. Between 4 January to the early hours on 5 January, the sports token saw a 10% increase in its value. Lookonchain revealed that this surge set off whale action as investors sought to sell some of their holdings.
How many? You can get CHZ tokens for $1?
According to the “smartmoney” on-chain analyst, a total of $ 3 million worth of CHZ left the Binance exchange in two separate transactions.
Upbit announced the addition 7 fan tokens, and that they only support recharge of Chiliz chains. $CHZ The increase was 10%
Whales begin to retreat $CHZ From #Binance.
Address “0xb88e” withdrew 8,899,972 $CHZ($1.02M) and address “0x1c3a” withdrew 9,435,590 $CHZ($1.08M). pic.twitter.com/xoH9i8JRqF
— Lookonchain (@lookonchain) January 5, 2023
Strong as a bull
Contrary to what may have been expected, there was no downtrend in CHZ’s exchange outflow. As of press time, CoinMarketCap data It was shown that the CHZ price held steady at 7.53%, with a slight increase in the greens.
However, the CHZ trend didn’t stop at its price rise. Volume also rose by more than 196% to $223 millions. Normal circumstances would suggest that it was still a good amount of time to keep CHZ. What about technical indicators?
According to the daily chart CHZ was showing a decrease in volatility. Based on the Bollinger Bands indicators (BB), the token volatility was at its highest point around 15 December.
This extremely volatile spike was also followed by a steady price decline. However, the CHZ price rose and the contraction began. Notably, the price reached the upper band. CHZ could become too expensive if it continues to move in that direction. A price reverse could also be possible.
Are your holdings looking green? Take a look at the CHZ Profit Calculator
The Directional Movement Index [DMI] The benchmark showed a bullish trend. This was due the positive DMI (green), rising to 20.54
The DMI (red) dropped to 23.86. Although the -DMI was greater, the Average Directional Index (ADX), indicated a stronger directional support for the +DMI. 41.20 was enough to maintain CHZ’s uptick.
Source: TradingView
No hesitation in the market because…
The uptick in trading has not prompted traders to move to the derivatives markets with the goal of opening CHZ futures contract positions. Because of Binance funding rate CHZ traded at $0.11, while the price of CHZ had fallen to -0.0036%
Source: Santiment
The indicator indicators show a skewed trend in direction and momentum.
Coinglass data showed that the CHZ is actually a monetary unit. futures open interest The top exchanges saw a double-digit increase in trading volume in the past 24 hours.
This meant that intraday traders opened a large number of contracts. Shorts were most often the victims of this. liquidationsAccounting for $447620 of $693210.
Source: Coinglass