Chiliz (CHZ) Leads The Market By Adding Over 30% A Week In Bear
2022年9月24日 - 07:04AM
NEWSBTC
The outlook of the general crypto market hasn’t been very
encouraging in recent times. This week saw most coins losing their
daily and weekly price gains. For instance, Bitcoin stayed red in
both daily and weekly price gains. Currently, its 24-hour price is
showing a drop of 1.83%. But the 7 days movement shows a price loss
of 4%. Ethereum has also shown an unimaginable loss in its 7 days
price gain. Related Reading: Polkadot Suffers 10% Weekly Loss On
Hawkish Fed – Time To Buy DOT? As of September 23, ETH hourly gain,
24 hours gain, and 7 days were all red. The crypto lost 0.02% in 24
hours and 11.44% in the 7-day movement. Chiliz CHZ Not
Affected By Bearish Trend Chiliz (CHZ) is showing a
different price movement amid the bearish momentum. Its gains in 7
days have continued to increase. Currently, CHZ is trading at
$0.2685, showing a 5.31% price increase in 24 hours. But this
gain is not the most interesting since CHZ’s price in 7 days has
increased by around 30%. Since September 16, the coin has continued
to climb considerably. It opened the market at $0.1901 but jumped
during the day, reaching $0.2099. That day marked the
beginning of a positive price movement that has lasted till today.
CHZ has maintained its hold above $0.2 and hasn’t dipped below the
price since September 16. But What Could Be Pushing Chiliz
CHZ Continuously? The first notable push started with the
announcement of CHZ 2.0, Chiliz native chain, last month. The
developers informed the community of their intentions about
launching the chain for their NFTs and fungible tokens, moving them
away from the Ethereum blockchain. The announcement led to a
spike in price and trading volume. After the information, the
crypto whales again showed their hands, pushing transactions
higher. Data reveal that the transactions reached above $100,000
and caused a rise in CHZ price by 12.5% on the same day.
Analysts also predicted last month that CHZ would hit its cup and
handle the pattern profit target of $0.32 by September. The
indications were shown on August 14 when the token broke out of its
prevailing cup and handle setup. Will, The Macro
Factors Push CHZ Price, Down? Analysts predicted that CHZ would
reach its profit target this month due to its positive movement in
August. With the current movement in price, the token might reach
the predicted price very soon. Gaining 30% in seven days is
not an easy feat amid the ongoing bear trend. If it continues in
that trend, CHZ might grow higher before September ends.
Related Reading: PoW Tokens Take A Hit: Ravencoin and Ethereum
Classic Crash Over 20% But then, the bearish market is due to
macroeconomic factors, including inflation, a rising level of CPI,
and continuous interest rate hikes. These factors contributed to
the crash in the crypto market. No one can predict prices. So
CHZ has many challenges to face to continue its upward trend.
Featured image from Pixabay and chart from TradingView.com
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