The outlook of the general crypto market hasn’t been very encouraging in recent times. This week saw most coins losing their daily and weekly price gains. For instance, Bitcoin stayed red in both daily and weekly price gains. Currently, its 24-hour price is showing a drop of 1.83%. But the 7 days movement shows a price loss of 4%. Ethereum has also shown an unimaginable loss in its 7 days price gain.
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As of September 23, ETH hourly gain, 24 hours gain, and 7 days were all red. The crypto lost 0.02% in 24 hours and 11.44% in the 7-day movement.
Chiliz CHZ Not Affected By Bearish Trend
Chiliz (CHZ) is showing a different price movement amid the bearish momentum. Its gains in 7 days have continued to increase. Currently, CHZ is trading at $0.2685, showing a 5.31% price increase in 24 hours. But this gain is not the most interesting since CHZ’s price in 7 days has increased by around 30%. Since September 16, the coin has continued to climb considerably. It opened the market at $0.1901 but jumped during the day, reaching $0.2099. That day marked the beginning of a positive price movement that has lasted till today. CHZ has maintained its hold above $0.2 and hasn’t dipped below the price since September 16.
CHZ’s price is currently hovering at $0.2713. SOurce: CHZUSD price chart from TradingView.com
But What Could Be Pushing Chiliz CHZ Continuously?
The first notable push started with the announcement of CHZ 2.0, Chiliz native chain, last month. The developers informed the community of their intentions about launching the chain for their NFTs and fungible tokens, moving them away from the Ethereum blockchain. The announcement led to a spike in price and trading volume.
After the information, the crypto whales again showed their hands, pushing transactions higher. Data reveal that the transactions reached above $100,000 and caused a rise in CHZ price by 12.5% on the same day. Analysts also predicted last month that CHZ would hit its cup and handle the pattern profit target of $0.32 by September. The indications were shown on August 14 when the token broke out of its prevailing cup and handle setup.
Will, The Macro Factors Push CHZ Price, Down?
Analysts predicted that CHZ would reach its profit target this month due to its positive movement in August. With the current movement in price, the token might reach the predicted price very soon. Gaining 30% in seven days is not an easy feat amid the ongoing bear trend. If it continues in that trend, CHZ might grow higher before September ends.
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But then, the bearish market is due to macroeconomic factors, including inflation, a rising level of CPI, and continuous interest rate hikes. These factors contributed to the crash in the crypto market. No one can predict prices. So CHZ has many challenges to face to continue its upward trend.
Featured image from Pixabay and chart from TradingView.com Read More