What Does the On-Chain Data Say? Will the World Cup Raise CHZ?

Busy days can be experienced in Chiliz (CHZ) due to FIFA World Cup matches. Qatar 2022 FIFA World Cup will start on 20 November 2022. Thirty-two teams qualified to participate in one of the biggest sports competitions in the world will compete in 64 matches. Sports service tokens like CHZ are expected to be in the limelight next month. On the eve of the Qatar football team’s first match against Ecuador, Chiliz is already up 4%.

Despite the liquidity crisis that continues to hinder the crypto market’s recovery, CHZ has gained 8.7% in the last 24 hours. While most cryptocurrencies erased its progress in October, Chiliz has 47.5% in total accrued earnings in 30 days. The big question is whether the Chiliz price can maintain a positive outlook during the 2022 FIFA World Cup. Information from on-chain data reveals that the crowd already has high expectations. Many people are discussing the project and in this case it is cited as a factor that may tend to keep the price of Chiliz higher. The increase in social interest is also reflected in CHZ holders. Addresses with 10,000 and 100,000 tokens increased from 19,862 to 21,185 on November 1. A similar bullish pattern can be detected between addresses 100,000 to 1,000,000. This group increased from 857 addresses to 944 addresses in the same period.

From the chart that was announced, it can be seen that the Chiliz price is trending along with the increasing investor activity. Therefore, the uptrend in CHZ is expected to continue, especially as the FIFA World Cup brings sports service tokens into the limelight. Also, whales still interested in Chiliz could help with the upward momentum. IntoTheBlock’s IOMAP model showed a high buyer density of $0.22 to $0.23. This support, combined with the absence of any significant resistance at $0.30, has the potential to keep the upbeat outlook intact for Chiliz price. Also, holding on to the support provided by an ascending trendline can be a crucial factor in maintaining an uptrend. In addition, a buy signal from the Super Trend indicator is still in place, which may encourage bullish traders to hedge their positions.