According to LunarCrush data, recent weeks saw a significant increase in mentions of Chiliz on social media. Its token’s 90-day high made it big in the latest social mentions.
Market insights tracker LunarCrush cited this figure (9.46k) as one indicator to keep an eye on when considering an investment in Chiliz.
Social media buzz may be influenced by the 2022 FIFA World Cup. The CHZ token is practical in sports.
Will the increase in social media references lead to an upswing with less than a month until the start of the much-hyped global sports spectacle?
Social activity eruptions are a great way to find interesting investments, particularly if you don’t mind paying a premium.
Insights: https://t.co/S4Hd87jv4R pic.twitter.com/wLXeapUueD
— LunarCrush (@LunarCrush) October 12, 2022
Chiliz Jargon and All The Talk
Data provided by CryptoQuant shows that CHZ’s foreign exchange reserves have decreased by 0.72% over the last seven days.
Investors seem to have bought CHZ in hopes of holding it long-term. This is an encouraging sign.
This can be more than offset by the large number of individuals depositing to currency exchanges.
Chart by TradingView
The current and past price movements have a harmonic head-and shoulders pattern. It usually occurs right before trend reversals. The coin currently experiences a substantial free fall in both the intraday and 24-hour time frames.
Chaikin’s money flow indicator likewise deteriorates, falling to -0.34 as well. It is an indication that bears have dominated the market in this period. Bull-bear strength is negative and the bears are attacking the market at this time.
A trading day below the 61.80 Fibonacci level would be expected given the current pace of wild decline.
Does CHZ Have the Potential to Spice up The Situation?
CHZ currently finds itself in the most difficult situation for cryptocurrency. The $0.28 resistance is showing strong and the $0.18 Support line has been broken, so a fall towards the $0.14 key level is likely.
If the 61.80 Fibonacci level alleviates the slump, then the $0.18 or $0.21 immediately resistance levels might be tested. Things don’t seem to look good for the bulls at this moment.
The decline in the ascending triangular pattern has caused problems for long-term investors. This trend is supported by the DEMA, which ranges from 20 to 100 days. Trend shifts may take place as FIFA World Cup draws near.
Featured Image from The Coin Republic, Chart by TradingView.com| Featured image from The Coin Republic, Chart: TradingView.com
Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.