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Chiliz OI and Volume Demonstrate its Capability to Advance?

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Chiliz OI and Volume Demonstrate its Capability to Advance?
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The Chiliz crypto revolves around sports activity, and its users are the fans of their favorite sports brands. Various fan tokens on the Chiliz platform are known as Socios. 

It is among the top 100 crypto projects on the CoinMarketCap website and is firmly ranked 73rd in terms of market cap. Its circulating supply is 8,888,290,622 CHZ, and the FDV is $1,078,097,768.

Moreover, the market cap has surged 5.15%, and 24-hour volume has surged 58.08%, at $1,075,734,307 and $109,832,287, respectively.

What Does a 3-Month CHZ Open Interest Chart Show?

According to Coinglass, open interest for Chiliz (CHZ) is $60.30 million, barely down 1.49% from the previous session. The 24-hour long/short ratio is 0.9073, meaning there are more short positions than long positions. The total number of short positions opened in the last 24 hours is $207.82 K, and long positions are $148.43 K. 

The Coinglass website displays the CHZ futures OI chart in USD. It shows that the OI generated was low in December and January and remained below about 35 million. The price of CHZ also had less momentum and stayed in a range. However, the OI increased in January and February as it remained above mainly 55 million. The price also rose with a rally on the daily chart following the OI, highlighting upward momentum. So, if more OI is generated from CHZ, another continuation in an impressive rally could occur. It can break through resistance and could take the price to new heights.

Chiliz OI and Volume Demonstrate its Capability to Advance?
Source: by coinglass.com

What Does the CHZ Price Chart Highlight?

Chiliz has displayed exemplary performance on the chart in the prior week, month, and three months by 19.27%, 16.75%, and 78.65% respectively, pointing to a reliable upward movement.

Therefore, if buyers sustain the pressure, CHZ price might surge strongly from the current level. The possible target is $0.1500. On the contrary, if CHZ fails to hold its grip and breaches the $0.1100 level, it may fall further.

Chiliz OI and Volume Demonstrate its Capability to Advance?
Souce: CHZ/USD.1.D. COINBASE TradingView

Let’s Explore What CHZ Volume Has to Demonstrate On Chart

The CHZ chart shows the relationship between CHZ’s volume and price. Looking at the chart, we can see that both asset volume and price were low in December. That meant a lack of interest and activity in the market. Volumes mainly were under $35.

However, volumes and prices continued to rise from January to February, indicating increased demand and excitement about CHZ prices. Trading volume exceeded $50 million, and the price rose. As a result, we witnessed a rally on the daily chart.

Chiliz OI and Volume Demonstrate its Capability to Advance?
Source: by Coinglass.com

Summary

The Chiliz crypto has been showing a high volume and the Open Interest boost on the Coinglass website, and the price action confirms this by rallying upwards. Therefore, the price could reach above levels more and aim for round levels ahead. On the flip side, it could also plummet if it shows buyer’s rejection on the chart.

Technical Levels

Support Levels: $0.1100

Resistance Levels: $0.1500

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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