• Chiliz celebrated its fifth anniversary and received a favorable approval from the Indonesian government
• Despite the positive news, CHZ has struggled to secure enough bullish volume
• Recent on-chain indicators suggest that whales have been buying at discounted prices, increasing the probability of a bullish bounce
Chiliz Celebrates Anniversary
Chiliz [CHZ] recently celebrated its fifth anniversary along with favorable prospects in Indonesia. The cryptocurrency had been bearish for the last two months and recently bottomed out.
Indonesian Government Approves CHZ
The Indonesian government recently whitelisted CHZ as one of 400 digital assets approved for trading in Indonesia. This move could help boost investor confidence in the cryptocurrency.
Low Demand For CHZ
Despite the good news, CHZ struggled to secure enough bullish volume. Money flow and RSI indicators were both low, suggesting low demand for the token.
Whales Buying At Discount Prices
On-chain indicators suggested that whales have been accumulating CHZ at discounted prices over the past five weeks. This increases the possibility of a bullish pivot for Chiliz in the near future.
Recent events favor CHZ, but it remains to be seen how long this trend will last. Nevertheless, investors should keep an eye on on-chain indicators as they may provide valuable insight into where CHZ is headed next.