Will CHZ’s 140% monthly gains be enough for a hike to $0.35?

Technical analysis revealed that the token broke out of a bullish pattern, signaling potential upward movement
Steady hike in addresses holding CHZ underlined growing investor participation

As a seasoned analyst with over two decades of experience under my belt, I can confidently say that the current market performance of Chiliz [CHZ] is nothing short of impressive. The token’s recent surge of over 12% in the last 24 hours and its cumulative monthly gains of 145.3% are indicators of a robust and growing investor confidence.

As a proud holder of Chiliz [CHZ], I’ve been thrilled with its recent market performance. In fact, at the moment I’m writing this, the token has seen an impressive increase of more than 12.34% in just the past 24 hours. This surge is just adding to the altcoin’s substantial monthly gains, which currently stand at a staggering 145.3%.

The magnitude of these profits underscores a surge in investor trust and increased engagement from optimistic investors.

According to AMBCrypto’s examination, it appears that CHZ might keep rising in the upcoming trading periods. As long as its current momentum persists, this digital token could potentially reach its predicted price of around $0.35, thereby enhancing its influence within the market.

A path to a 149% gains for CHZ

Currently, as I’m typing this, CHZ has burst through a bullish triangle formation following several months of holding steady. This triangle was marked by the asset moving between a falling resistance line and a flat support line. According to the graph, if all goes well, CHZ could aim for the beginning of the downward channel at approximately $0.35. Hitting this point would signify a significant increase of 149.33%, raising its current value from $0.1382 almost double that figure.

As a crypto investor, I’m optimistic about the future of CHZ, but I should mention that there might be a roadblock at approximately $0.1420. Pushing past this point is essential if we want CHZ to continue its upward trajectory successfully.

As an analyst, I observed a sense of market optimism that seems poised to propel CHZ’s upward trajectory. I believe it is this positive sentiment that will fuel the necessary momentum to maintain CHZ’s price rise.

Rise in wallet activity

Furthermore, data from IntoTheBlock showed a notable rise in indicators suggesting increased buying activity within the market.

Over the past day, the typical wallet holding CHZ experienced a significant increase, peaking at approximately $10,569.93 – one of the highest values recorded this week. This spike is noteworthy when compared to its weekly average, which stands at $9,670.27.

A higher average balance typically indicates increased buyer curiosity and growing demand, particularly when traders express more faith in the asset’s future prospects.

It appears that the duration for which coins are being held showed significant increase in December, and currently, the average holding period stands at about three months. This prolonged holding might suggest a more long-term approach among CHZ holders compared to the short-term trends observed earlier.

Investor funds flowing into CHZ

Finally, market data indicated a growing influx of investor funds into CHZ.

In simpler terms, the Chaikin Money Flow (CMF), which helps monitor money flowing into an asset, experienced a substantial increase. Currently, the CMF stands at 0.28, indicating that the current upward trend might continue for some time.

Additionally, it’s worth noting that the Bull Bear Power indicator showed a shift in power towards the bulls, indicating they were now dominating the market. This was made clear by the increasing strength of the bullish momentum bars, further supporting the uptrend observed in CHZ.

2024-12-05 08:07

A path to a 149% gains for CHZ

Rise in wallet activity

Investor funds flowing into CHZ

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