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Chiliz (CHZ) price has stayed above the $0.10 level despite intense bearish pressure over the past month. With new fans trooping into the Chiliz arena, will CHZ price make one last bounce before the soccer season ends?
Chiliz (CHZ) is the flagship blockchain ecosystem for sports and entertainment. Over the past few months, CHZ price has been in a downward spiral as the network struggled to attract new users.
On-chain data shows that the Chiliz network has attracted a flurry of new network participants in the last few days. The new demand has helped the bulls hold the $1. Is it a fluke or the beginning of a real price resurgence?
Chiliz Network Growth is on the Rise Again
This week, the Chiliz network has managed to attract a flurry of fresh network participants after persistently losing traction for nearly a month.
Specifically, the chart below shows how Chiliz Network Growth surged from 75 new addresses on May 20 to 117 new wallet addresses created on May 30.
Network growth tracks the number of new wallet addresses created daily on a blockchain network. As seen above, it indicates the project is gaining market share when it rises persistently.
Evidently, the Chiliz blockchain network growth has positively impacted CHZ price in the last few days.
Whales Are Buying Again
After weeks of an enduring bearish momentum, crypto whales have started accumulating CHZ coins again. On-chain data shows that crypto whales holding 1 million to 10 million CHZ balances have been pivotal to the recent price pump.
Between May 24 and May 29, they added 13 million CHZ coins to their wallet balances
At the current market value of $0.10, the fresh investment made by the whales this month is worth approximately $1.3 million.
Quite notably, the whale cohort holds a significant portion of the total CHZ circulating supply. With their influence, they can easily sway other strategic retail investors to become bullish themselves.
If they keep buying in the coming weeks, it’s only a matter of time before CHZ price rises to new highs.
CHZ Price Prediction: Rebound to $0.12
Considering the bullish activity among whale investors, CHZ’s price might rise toward $0.12 in the coming days.
However, IntoTheBlock’s In/Out of The Money Around Price (IOMAP) data suggests that INJ will face its initial major resistance around $0.11
As highlighted below, 1,050 investors that bought 1.04 billion CHZ at an average price of $0.105 could mount a sell-wall.
However, if the bullish momentum prevails, as expected, the price could slide further toward $0.12
On the other hand, the bears could invalidate the bullish Chiliz price prediction if CHZ unexpectedly drops below the critical $0.99 support zone.
But, the 548 investors that purchased 4.15 million CHZ at an average price of $0.99 will likely prevent that.
Although unlikely, CHZ could retrace further toward $0.90 if that support level is breached.