How Chiliz (CHZ) Price Could Fare During the FIFA World Cup 2022

18 November 2022, 17:15 GMT+0000
Updated by Geraint Price
21 November 2022, 14:26 GMT+0000
In Brief
  • Chiliz price rallied by 15% as the world cup inched closer.
  • Chiliz trader addresses witnessed a whopping 215.07% growth in the last 30 days. 
  • A worrying trend for CHZ was that addresses holding between one million to 10 million CHZ dumped close to 50 million CHZ tokens.
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Chiliz (CHZ) price underwent a sudden burst as bulls pumped the coin by almost 15% over the past 24 hours. But what can we expect with the FIFA World Cup starting on Nov. 20?

Chiliz led the crypto market rally with over 30% gains in the last four days as anticipation around the FIFA World Cup 2022 heightened.

Since Chiliz is a fan token ecosystem, market participants have placed high hopes on the project’s native token, CHZ.

Traders and analysts anticipate CHZ price to appreciate, especially with the first FIFA World Cup match scheduled for Nov. 20. In fact, effects of the crowd anticipation were already visible in CHZ price with its price chart noting four consecutive green candles on a daily chart as of Nov. 19. 

The fan token ecosystem’s native token CHZ had already registered intraday profits of over 15% on Nov. 19, reaching a local high of $0.260. The crucial dilemma that CHZ holders now faced was whether these gains could sustain and how Chiliz price action would develop during the FIFA World Cup 2022.

Social Anticipation Pushing Chiliz 

Even though Chiliz price rallied as the FIFA World Cup 2022 inched closer, social volumes saw no major spike. The weighted social sentiment for CHZ also showed no major uptick, but it was in positive territory. 

Chiliz social metrics | Source: Santiment
Chiliz social metrics | Source: Santiment 

However, CHZ did make it higher in terms of trending words rank, which meant that a lot of people were talking of news about the project. 

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Data from Coinglass highlighted that the total CHZ futures Open Interest across exchanges registered a massive 63.53% rise in the last 24 hours. With price action turning green, a spike in open interest was a bullish sign as it represented aggressive buying. 

CHZ Open Interest | Source: Coinglass
Chiliz (CHZ) Price Crypto FIFA World Cup 2022
CHZ Open Interest | Source: Coinglass

CHZ Traders and Holders on the Rise 

The recent price rise was supported by a massive spike in the number of trader addresses. Data from IntoTheBlock presented that while HODLer addresses rose by 12.61%, trader addresses witnessed a whopping 215.07% growth in the last 30-days. 

Addresses by time held. IntoTheBlock
Chiliz (CHZ) Price Crypto FIFA World Cup 2022
Addresses by Time Held | Source: IntoTheBlock

However, mid-short-term holders or cruiser addresses saw a 17.51% decline despite price action being bullish. 

Another worrying trend for CHZ was that addresses holding between one million to 10 million CHZ dumped close to 50 million CHZ tokens. This cohort had started dumping on Nov. 15 and continued to reduce their bags. 

CHZ Supply Distribution by balance of addresses | Source: Santiment
CHZ Supply Distribution by balance of addresses | Source: Santiment

If Chiliz whales decide to stack up on CHZ the same could aid bullish price momentum further. Luckily for CHZ holders, IntoTheBlock’s In/Out of Money Around Price presented no significant resistance ahead for price till the $0.30 mark. 

In/Out of Money Around Price | Source: IntoTheBlock
In/Out of Money Around Price | Source: IntoTheBlock

However, in case of a bearish pullback, the $0.227 mark would provide support as 4,570 addresses held around 1.1 billion CHZ at that level. 

Despite the bullish price momentum, CHZ price could depend on Bitcoin price action going forward. 

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeinCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.