Chiliz’s CHZ joined the list of the best performing cryptocurrencies as this week came to an end. It managed to rise up to 8.3% in the last 24 hours. This performance is usually considered normal in the cryptocurrency world but it is trading against the general market trend.
The performance of CHZ is remarkable because it is among the few cryptocurrencies that are currently overcoming the prevailing bearish conditions. Chiliz announced on September 15 that he is about to release a new fan icon. This announcement may have given a confidence boost among investors.
– Chiliz ($CHZ) – Powered by Socios.com ⚡ (Chiliz) September 15, 2022
Technical factors also played a heavy role in CHZ’s bullish run. The cryptocurrency has been generally bearish throughout the week. In addition, the price declined from a weekly high of $0.22 to a weekly low of $0.178. This bearish correction resulted in a retest of the $0.18 support which acted as a psychological buying area.
At the time of writing, the price of the token is $0.21. The Relative Strength Index (RSI) rose above the 50 level, indicating continued buying pressure. CHZ’s results for the week also confirmed that selling pressure was lower compared to the previous retest of support a week ago. These observations confirmed stronger relative strength in CHZ’s price action this week.
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Indicators on the series confirmed that a strong shift in sentiment was behind the bullish support. The weighted sentiment meter hit its highest peak on September 14, confirming a significantly upward turn. If so, CHZ could be in a slightly more uptrend.
Chiliz network growth metric fluctuated on the same day, confirming positive network growth. This may have contributed to the strong investor sentiment.
Of course, a strong shift in sentiment was bound to attract the right kind of attention. Valar has flexed her financial muscle over the past two days. There has been a significant increase in the number of electoral transactions for transactions over USD 1 million. The strongest activity from this constituency occurred in the last 24 hours at the time this report was published.
The shift in sentiment is reflected in the active 24-hour headlines over the past two days. The headlines bounced back above 550 which has been the healthy average range since early September. However, this is not the highest number of daily active addresses observed in the last 24 hours. This could be confirmation that whales are contributing most of the upside.