Three indicators reveal why CHZ investors can soon make double profits?
At the time of writing this article, CHZ price action shows a perfect combination of 3 on-chain indicators. Each of them suggests making room for an explosive move. Considering the bullish nature of Bitcoin and the crypto market as a whole, this outlook could make sense for CHZ.
The trio will push CHZ to 100%
CHZ price is currently hovering around $0.204. While there are signs of slight downside against the $0.177 support, the move could be an opportunity for buyers to accumulate before the CHZ explodes.
CHF/USDT | Source: TradingView
The recent surge in on-chain volume from 136.6 million on February 19 to 291.79 million on March 1 is a key sign of increased interest in the altcoin. The last time CHZ saw such a sharp rise was from Feb. 3-10, which pushed the price up 33% on the charts.
Considering the bullish momentum trajectory above, higher on-chain volume could push CHZ to move sharply north. This allows the price to reach higher highs. Additionally, on-chain volume is floating above the 200-day moving average (MA), which is a trend reversal.
Ground CHZ (red) | Source: Santiment
While on-chain indicators are pointing to an upcoming uptrend, a 365-day Market-to-True-Value (MVRV) pattern seems to reinforce a similar outlook for CHZ. This indicator is used to measure the average profit/loss of investors who bought tokens in the past year.
Readings below -10% indicate that short-term holders are losing money and usually when long-term holders tend to accumulate. Therefore, values below -10% are also referred to as “opportunity zones”.
For CHZ, the 365-day MVRV is trading at -46.8% at press time, reflecting the “huge” oversold condition. In particular, 46.8% of owners who bought CHZ in the past year are at a loss.
As a result, a move further south seems unlikely and a pullback seems logical, at least from the perspective of long-term investors.
Rate MVRV 365 days (orange) | Source: Santiment
The big picture of the indicators
To give credence to the MVRV indicator, the number of centralized entities holding CHZ has decreased from 2.9 billion to 2.8 billion in the last 3 months. About 100 million tokens have been delisted, showing investor confidence in its performance in the near future.
Offer on the stock exchange (pink) | Source: Santiment
Therefore, for-profit investors can accumulate CHZ and wait for an explosive move to the immediate resistance barrier at $0.356.
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Three indicators reveal why CHZ investors can soon make double profits?
At the time of writing this article, CHZ price action shows a perfect combination of 3 on-chain indicators. Each of them suggests making room for an explosive move. Considering the bullish nature of Bitcoin and the crypto market as a whole, this outlook could make sense for CHZ.
The trio will push CHZ to 100%
CHZ price is currently hovering around $0.204. While there are signs of slight downside against the $0.177 support, the move could be an opportunity for buyers to accumulate before the CHZ explodes.
CHF/USDT | Source: TradingView
The recent surge in on-chain volume from 136.6 million on February 19 to 291.79 million on March 1 is a key sign of increased interest in the altcoin. The last time CHZ saw such a sharp rise was from Feb. 3-10, which pushed the price up 33% on the charts.
Considering the bullish momentum trajectory above, higher on-chain volume could push CHZ to move sharply north. This allows the price to reach higher highs. Additionally, on-chain volume is floating above the 200-day moving average (MA), which is a trend reversal.
Ground CHZ (red) | Source: Santiment
While on-chain indicators are pointing to an upcoming uptrend, a 365-day Market-to-True-Value (MVRV) pattern seems to reinforce a similar outlook for CHZ. This indicator is used to measure the average profit/loss of investors who bought tokens in the past year.
Readings below -10% indicate that short-term holders are losing money and usually when long-term holders tend to accumulate. Therefore, values below -10% are also referred to as “opportunity zones”.
For CHZ, the 365-day MVRV is trading at -46.8% at press time, reflecting the “huge” oversold condition. In particular, 46.8% of owners who bought CHZ in the past year are at a loss.
As a result, a move further south seems unlikely and a pullback seems logical, at least from the perspective of long-term investors.
Rate MVRV 365 days (orange) | Source: Santiment
The big picture of the indicators
To give credence to the MVRV indicator, the number of centralized entities holding CHZ has decreased from 2.9 billion to 2.8 billion in the last 3 months. About 100 million tokens have been delisted, showing investor confidence in its performance in the near future.
Offer on the stock exchange (pink) | Source: Santiment
Therefore, for-profit investors can accumulate CHZ and wait for an explosive move to the immediate resistance barrier at $0.356.
Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews
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According to AMBCrypto
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