![Chiliz [CHZ] finds favor with ETH whales but is it enough for a bullish pivot?](https://i.headtopics.com/images/2022/11/28/cryptoamb/chiliz-chz-finds-favor-with-eth-whales-but-is-it-e-chiliz-chz-finds-favor-with-eth-whales-but-is-it-e-1597267325379645447.webp)
ETH whales have started accumulating CHZ. Assessing the likelihood of a pivot after CHZ’s latest downside Chiliz‘s native cryptocurrency has been on a bearish trajectory for the last 10 days. It tanked by roughly 41% during this time, but the bears might be about to take a recess. According to a WhaleStats observation on 28 […]
A look at CHZ’s exchange flows confirmed that exchange outflows increased in the last two days. Higher exchange outflows than inflows verify that there has been aCHZ’s volume metric recorded a noteworthy uptick in the last 48 hours at press time. This is in line with the observed increase in exchange flows. It is common for a cryptocurrency to experience lower volumes during a downtrend. A subsequent increase in volume is expected when buying pressure resumes.
Despite this, there was still some selling pressure, especially from addresses holding over 10 million coins. This may explain why the return of whale demand has not had significant upsides in the last 24 hours.CHZ’s price action delivered a 7.7% downside in the last 24 hours at press time, which has pushed for a retest of its October lows.
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