After a bearish period, Chiliz (CHZ) has experienced a bounce-back, reaching a bottom and showing signs of potential bullish volume. Recent developments, such as being whitelisted by the Indonesian government, have boosted CHZ bulls, offering a positive catalyst for investor confidence. With on-chain indicators suggesting a change in the market, CHZ’s prospects are looking more promising.
Whitelisting by the Indonesian Government
Alexandre Dreyfus, the founder of Chiliz, announced on June 18 that CHZ has been whitelisted by the Indonesian government. This approval positions CHZ among the 400 digital assets authorized for trading in Indonesia. The timing couldn’t be better for CHZ bulls, as this announcement marks a step in the right direction and has the potential to spur increased investor interest. Additionally, Chiliz celebrated its fifth anniversary on the same day, adding to the positive sentiment.
Reversal of Bearish Trend
CHZ bears have recently lost momentum after a downward trend over the past few months. Currently trading at $0.067, the cryptocurrency has been trading sideways for more than a week, reflecting low demand. The money flow indicator and RSI confirm the low accumulation. However, signs of a potential change are emerging through on-chain indicators.
Whale Accumulation and Bullish Prospects
Whale addresses have accumulated CHZ for the past five weeks, indicating that influential investors have been buying at discounted prices. This suggests a higher probability of a bullish bounce. However, on-chain volume and retail investor excitement remain low despite the whale activity. Daily trading volume and active addresses have yet to demonstrate significant increases.
Chiliz (CHZ) has experienced a rebound, fueled by being whitelisted by the Indonesian government and positive developments in whale accumulation. While retail investor excitement and on-chain volume remain relatively low, the improving investor sentiment provides hope for CHZ bulls. As CHZ continues to navigate the market, investors will closely monitor its performance and the impact of recent positive developments.
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