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.
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.
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 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.
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.
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.
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.
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