CHZ jumps 27% in the past seven days as whales now prefer green ‘Chiliz’

Chili pepper [CHZ]Recently, witnessed Increase in price movement and activity. With a 27.20% increase in the last week, CHZ is now more valuable than it was a week ago. Furthermore, the oVersion 60% of the tokens are owned by whales.

A look at the property

Queen Market Cap The data shows that the token’s trading volume has increased by nearly 50% in the past 24 hours. Market capitalization has also been affected and is up over 5% at the time of writing.

At the time of publication, eight whales together own 67.18% of all CHZ tokens, or 5.97 billion tokens. The majority of these whales, or 49.7%, have their assets in low-activity addresses. Only 17.48% in high-activity addresses. In addition, 50 investors own 15.73% (or 1.4 billion CHZ), while retailers own 17.08% (or 1.52 billion CHZ).

Source: IntoTheBlock

Look at the price trend

Looking at CHZ’s price action, the trend line has shown an upward trend in the price action, as the line acts as support and resistance along the way. The resistance level was at $0.25 while the support was at $0.18. Historical price action also showed that $0.33 could act as a resistance if it breaks through the 0.25 resistance.

Source: TradingView

The On Balance Volume (OBV) indicator was above 60, which shows quite a bit of movement in volume, with some spikes observed. The volume indicator also showed significant movements in the exchange rate. The Relative Strength Index (RSI) was above the neutral zone and moving upward towards the overbought zone.

It depicts the DMI plus DI and the signal line is above the 20 line. The RSI and DMI are indicating an uptrend, with the RSI indicating the potential to move into the overbought territory for CHZ.

Source: TradingView

The percentage of whales with the CHZ token can be an indicator of trust in the project and the token. Their activities will definitely affect the token.

Price action remained positive at the time of writing. However, a rapid increase in the RSI may indicate a downtrend. However, the possibility of another price increase remains and once that happens, new resistance can be tested.

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