ນັກລົງທຶນ Chiliz ບໍ່ຄວນລະເລີຍໄພຂົ່ມຂູ່ທີ່ກໍາລັງເກີດຂຶ້ນນີ້ເຖິງວ່າຈະມີຈຸດສໍາຄັນຫລ້າສຸດຂອງ CHZ

Not so long ago, we highlighted why November was an important month for ຊິລີ ແລະ CHZ by extension. A look at CHZ’s performance in the first week of the month confirmed that investors have been capitalizing on opportunities. Nevertheless, traders also need to assess the potential downside risks as well.

ນີ້ແມ່ນ AMBCrypto's ການຄາດເດົາລາຄາຂອງ Chiliz [CHZ] ສໍາລັບ 2022-2023

CHZ’s current position suggested that it might favor the downside more than the upside. Additionally, the latest WhaleStats analysis confirmed that CHZ was now among the top 10 cryptos by trading volume among ETH’s largest whales.

ພຽງແຕ່ໃນ: $ CHZ @ຊິລີ ໃນປັດຈຸບັນຢູ່ເທິງ 10 ໂດຍປະລິມານການຊື້ຂາຍລະຫວ່າງ 1000 ທີ່ໃຫຍ່ທີ່ສຸດ # ທ ປາວານໃນ 24 ຊົ່ວໂມງທີ່ຜ່ານມາ 🐳

ເບິ່ງ 100 ປາວານສູງສຸດທີ່ນີ້: https://t.co/jFn1zIOq03

(ແລະ hodl $BBW ເພື່ອເບິ່ງຂໍ້ມູນສູງສຸດ 1000!)#CHZ #ສະຖິຕິພະຍຸລົມ #ລູກປາວານ #BBW pic.twitter.com/ASlXAEL3Xr

— WhaleStats (ຕິດຕາມປາວານ crypto) (@WhaleStats) ພະຈິກ 7, 2022

Interestingly, a majority of the CHZ volume observed significant sale pressure especially in the last 24 hours. This outcome could be due to CHZ’s latest performance and its position at the start of the week. The cryptocurrency embarked on a robust bull run in the last week of October after retesting its two-month lows.

CHZ pulled off a 78% rally from its bottom range in October, to its latest peak at $0.29 in the last 24 hours. The altcoin, since then, registered a sizable retracement to its $0.26 press time price. This reflected the observed increase in volume according to WhaleStats.

ແຫຼ່ງຂໍ້ມູນ: TradingView

A potential reason for the sharp downside could also be the incoming sell pressure since the latest rally pushed CHZ into overbought territory. As a result, traders who bought near the bottom range have more of an incentive to take profits, thus leading to higher sell pressure.

Its on-chain metrics also revealed that top addresses made a sizable contribution to the current downside pressure. The supply held by top non-exchange addresses metric indicated that whales have been trimming their balances as prices surged. This could be confirmation enough that top addresses have been taking profits.

ແຫຼ່ງຂໍ້ມູນ: Santiment

The number of daily active addresses also dropped substantially especially in the last 24 hours. This confirmed a slowdown in the ຄວາມຕ້ອງການ CHZ which was responsible for its rally in the last few days.

Bulls and bears both fighting for a taste of CHZ?

At the time of writing, it was still unclear as to whether the ongoing sell pressure will push for a strong bearish pullback or regain its upside. However, investors can consider these observations to come up with a conclusion.

CHZ’s mean coin age remained focused on steady upside despite the recently observed sell pressure. This might be a sign that the ongoing selloff wasn’t not that strong.

ແຫຼ່ງຂໍ້ມູນ: Santiment

Additionally, Chiliz continued to demonstrate strong network growth, which, at press time, stood at its highest monthly level. These observations suggested that there was still a lot of positive activity happening that might contribute to healthy demand.