CHZ Price Prediction: Bears Could Push Higher To $0.10

Since April 26, the price of Chiliz (CHZ) has been hovering around $0.12. On-chain data shows that the inability to attract new demand led to a disproportionate increase in active sell orders on exchanges. How Deep Will This Altcoin Fall?

CHZ is the native cryptocurrency of the Chiliz blockchain, powering the entertainment and sports platform Socios.

Most fan tokens issued on the Chiliz blockchain are associated with European football clubs. With the European football season ending in May 2023, new investors are hesitant to join the Socios ecosystem.

This could have a profound impact on CHZ prices in the coming weeks.

Chiliz fans shaken

Chiliz (CHZ) is used as a payment method in the Socios platform. The project allows fans to purchase Fan Tokens that grant them access to many exclusive rewards and perks. With the current football season ending at the end of May, CHZ is having a hard time attracting new fans.

According to on-chain data provided by Santiment, the number of new Chiliz Network users has plummeted since early April. The graph below shows that Chiliz Network grew by 61%, from 319 addresses to 124 new wallets, between April 8 and May 2.


CHZ Price and Network Growth (May 2023) | Source: mood

Network growth tracks the number of new wallet addresses created on the blockchain. Since this metric is steadily decreasing as shown above, this indicates that new users are becoming less and less willing to join the network.

The reason may be a drop in fan interest as there will be no demand for the services and benefits offered by the Socios ecosystem in the coming weeks.

Holder CHZ is looking to sell

Not only that, but the exchange order book shows that the volume of CHZ sell orders far exceeds the volume of buy orders. Currently, the seller takes the initiative to place an order to “unload” 56 million CHZ. Meanwhile, buyers are only asking for 46 million coins around the current price.


Exchange Order Book Summary (May 2023) | Source: enter the block

The Trading Depth chart provides an overview of the number of buy and sell orders a trader has on different exchanges. With a supply of over 10 million coins, sellers may have to lower their prices if they want to compete to fill orders.

All in all, the negative combination of fewer new users and oversupply in the market suggests that CHZ will experience some price drops in the coming days.

CHZ Price Prediction: Bears Could Push Higher To $0.10

CHZ is likely to drop to $0.1 by analyzing In/Out of the Money Around Price (IOMAP) data compiled by IntoTheBlock. But first, the bears had to compete with 2,650 bullish investors who bought 216 million tokens at an average price of $0.12.

If the price breaks below $0.12 as expected, holders will be on the losing streak until the next key support level at $0.10 is reached.


In-Money/Out-of-the-Money Funding (May 2023) | Source: IntoTheBlock

Conversely, if the altcoin can break above $0.13, the bulls will invalidate the negative scenario. However, selling pressure from 1,700 investors who bought 414 million tokens around that threshold should stem the upward momentum.

If it breaks the sell wall, CHZ has a chance to rally to $0.14, though that’s not a sure thing.

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According to Beincrypto

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