- CHZ suffered a loss even though Chiliz was not directly exposed to the events that caused the loss.
- The CHZ bull is about to dominate, but the situation may not yet be clear.
Chiliz recently joined the list of crypto projects that have issued statements regarding the state of their exposure to the recent market woes. An attempt to boost investor confidence in a month that has seen an influx of FUD so far.
Real or not, here’s Chiliz’s market cap as seen in BTC:
Chiliz CEO Alexander Dreyfus recently pointed out that the network is not exposed to Silvergate, FTX, Celsius, SBV, or Signature.
His statement is due to growing investor concerns about the state of most networks. The scenario that led to the liquidity drain will continue, at least until things calm down. Dreyfus also added that Chiliz is focusing on development instead.
for its value @Socio No exposure to FTX, Celsius, 3AC, Silvergate, Signature, SVB, or any drama in the last 12 months.We are a very conservative group of people, focused on building @chiris as an ecosystem. We are on the sidelines of this cleanup.
— Alexandre Dreyfus 🇹🇷 (@alex_dreyfus) March 10, 2023
Unfortunately, Chiliz’s native crypto CHZ is still experiencing the effects of the market turmoil caused by the Black Swan events of the last 12 months. As a result, CHZ was unable to sustain his January rise. Instead, it has fallen over the past three weeks, wiping out previous gains.
CHZ price summary
CHZ is trading at $0.106 at press time after falling 40% from its February highs. It also rebounded slightly just before entering the RSI oversold zone after falling almost to the January lows.
Can CHZ bounce back strong? Well, MFI shows a notable build-up happening. One of the key metrics to support this is 7-day MVRV.
The bounce confirms the surge in CHZ accumulation over the past two days. Thus, those who bought near the recent lows show that they are currently profitable after the slight price increase that occurred on Friday.
More importantly, whales are accumulating. The supply held by the top addresses metric has registered a slight rise over the past seven days.
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Whale accumulation is an important part as it influences price movements.
Meanwhile, the coin’s average age has risen steadily over the past seven days despite the price crash. It reflects the aforementioned accumulation of whales.
During the same week, network growth also improved. However, it did pivot on Friday, and this pivot may just be an indication that selling pressure is waning.
The observed whale accumulation may offer some relief for the downside. Nevertheless, it is no confirmation that prices will not continue to fall.