Chiliz’s price, at press time, pictured a perfect combination of three on-chain metrics. Each of these suggested that it could be due for an explosive move. Considering the bullishness of Bitcoin and the crypto-market in general, this outlook might just be plausible for CHZ.
The trifecta that will propel CHZ by 100%
Chiliz’s price, at the time of writing, was hovering around $0.189. It showed signs that it might undergo a minor pullback to the $0.177-support level. This move might serve as an opportunity for buyers to accumulate before CHZ explodes.
Source: CHZ/USDT on TradingView
The recent spike in on-chain volume from 136.6 million on 19 February to 291.79 million on 1 March is a significant indication of the rise in interest around the altcoin. The last time CHZ saw such a robust uptick was between 3-10 February. This pushed Chiliz’s price up by 33% on the charts.
Considering the aforementioned uptick in bullish momentum, a surge in on-chain volume could see it climb much higher. This might allow CHZ to set a higher high. Moreover, the on-chain volume has moved above the 200-day moving average, revealing a shift in trend.
Source: Santiment
While the on-chain metrics hinted at incoming bullishness, the 365-day Market Value to Realized Value (MVRV) model seemed to cement the same outlook for CHZ. This indicator is used to assess the average profit/loss of investors that purchased CHZ tokens over the past year.
A negative value below -10% indicates that short-term holders are at a loss and is typically where long-term holders tend to accumulate. Therefore, a value below -10% is often referred to as an “opportunity zone.”
For Chiliz, the 365-day MVRV was hovering at around -46.8%, at press time, indicating a massive oversold condition. One where 46.8% of the holders that bought CHZ over
