The outlook of the general crypto market hasn’t been very encouraging in recent times. Most currencies saw significant price declines this week, with most losing both their daily and weekly gains. Take, for instance: BitcoinRed was the most consistent color in daily and weekly price rises. Its 24-hour price has dropped by 1.83%. However, the price movement for 7 days shows a loss of 4%. Ethereum also experienced a staggering loss of its price gains over the past 7 days.
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Since September 23rd Earn ETH per hour, or 24 hours.The crypto was all in red for 7 days. Crypto lost 0.02% over 24 hours and gained 11.44% during the seven-day period.
Chiliz CHZ Not Affected By Bearish Trend
Chiliz (CHZ), is having a very different price reaction to the bearish momentum. In the last 7 days, it has continued to gain. CHZ currently trades at $0.2685. This is a 5.1% increase in price over 24 hours. But this gain is not the most interesting since CHZ’s price in 7 days has increased by around 30%. It has been steadily climbing since September 16th. Although it opened the market at $0.1901, the price jumped throughout the day and reached $0.2099 by the end of the day. The positive price movements that began on this day have continued until today.TradingView.com – CHZUSD Price Chart CHZ has maintained its hold above $0.2 and hasn’t dipped below the price since September 16.
Is Chiliz CHZ Continually Pushing?
Last month saw the launch of CHZ 2.0 (Chiliz native chain), which was the first significant push. They informed the public about plans to create a chain for their NFTs or fungible tokens. The trading volume and price of the stock soared after this announcement.
The crypto whales once again showed their hand, driving transactions higher after the release of the data. According to data, the transaction volume was over $100,000. This led to a 12.5% increase in CHZ’s price. Analysts predicted that CHZ would reach its cup last month and achieve the $0.32 pattern profit goal by September. On August 14, the indications came out when the token broke from its current cup-handle setup.
Will the Macro Factors push CHZ price down?
Due to the positive August movement, analysts predicted that CHZ would achieve its profit target in this month. The token could soon reach its predicted price due to the price movement. In the current bear trend, it is difficult to gain 30% within seven days. CHZ could grow further if it maintains this trend until September.
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However, macroeconomic factors are also contributing to the bearish trend, such as rising inflation and continued interest rate rises. These are the main factors that led to the collapse of crypto markets. Prices are unpredictable. To maintain its upward trend, CHZ will face many obstacles.
Featured image by Pixabay, chart from TradingView.com