Chiliz (CHZ) started 2023 with a 20% increase in value in the first five days of the year.
This reinforces the hopes of crypto holders that they can have a strong bullish rally this year as opposed to the consistent downtrend they have experienced over the past two months.
At the moment, this can prove to be true as the data from Coingecko showing that the asset has increased by 16% in the past seven days. At the time of writing, CHZ is trading at $0.1181.
However, analysts caution that this rally may be short-lived as some of the developments involving altcoins do not necessarily indicate a major surge that will provide opportunities for profit-taking among holders.
Image: Watcher Guru
Chiliz Is Now The Most Sold Token Among The ETH Whales
According to the information indicated by the crypto whale tracker WhaleStats via TwitterChiliz can surpass Numeraire (NMR) as it is the most traded digital token among the top 500 ETH whales.
To the untrained eye, this may appear to be a precedent of an upcoming bullish rally that could push crypto trading prices to higher levels.
📰 LIVE: $CHZ @small reverse $NMR for MOST TRADED tokens among the top 500 #ETH pope
See the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#CHZ #NMR #whalestate #babywhale #BBW pic.twitter.com/FtjZDbV3nf
— WhaleStats (tracks crypto whales) (@WhaleStats) January 8, 2023
But experienced analysts will say that this could also be an indication that ETH whales are now looking to profit from their holdings. spending CHZ tokens.
If this action is not prevented, altcoins may come under tremendous selling pressure and this can be dangerous as it often leads to price crashes.
In addition, it is important to note that when Chiliz made a mini-rally to recoup its losses in the past few months, the number of tokens held at the top address dropped significantly – a potential indicator that large investors are now cashing out. .
This trend continues even though the number of active addresses for CHZ increased this January – a development that may have been caused by the anticipated rally that the crypto asset should take this month.
CHZ total market cap at $815 million on the daily chart | Chart: TradingView.com
What’s Awaiting Chiliz (CHZ)
Meanwhile, predictions from online cryptocurrency information providers Coincodex does not contain good news for CHZ holders.
The crypto-focused platform predicts a slight decrease in value for Chiliz over the next five days with assets changing hands at $0.1150.
There appears to be relief for holders as the 30-day forecast for altcoins looks more favorable. According to Coincodex, a month from now, CHZ will trade at $0.1430.
Although the recent activity involving ETH assets and whales seems to be positively affecting current crypto assets, owners and potential buyers should be careful as it may cause Chiliz to lose momentum.
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