Chiliz: Recent events favor CHZ, but for how long?

• Chiliz celebrated its fifth anniversary along with favorable prospects in Indonesia.
• CHZ struggled to secure enough bullish volume despite whale accumulation.

Chiliz [CHZ] has bounced back after a sizable dip. The cryptocurrency has been bearish for the last two months and recently bottomed out. But can it sum up enough bullish volume to support a strong pivot?

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Perhaps recent events may aid CHZ bulls. For example, Chiliz’s founder, Alexandre Dreyfus, revealed on 18 June that CHZ has been whitelisted by the Indonesian government. This means it is one of the 400 digital assets that have been approved for trading in Indonesia.

The Indonesian Government has released a list of 400++ digital assets (tokens) that are authorized to be tradeable in the country. It includes Chiliz and Fan Tokens. 🇮🇩https://t.co/K1qlJgJDdK

— Alexandre Dreyfus 🇹🇷 (@alex_dreyfus) June 18, 2023

The approval comes at an ideal time when CHZ bulls need a good reason to jump back into the game. The announcement represented a move in the right direction and has the potential to boost investor confidence. In addition, Chiliz celebrated its fifth anniversary on 18 June as well.

Happy 5th anniversary @Socios! 🎉#BeMoreThanAFan ⚡️ $CHZ https://t.co/cyo4v9MP3w

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) June 18, 2023

Can Chiliz see a favorable change?

As noted earlier, CHZ bears recently ran out of steam after driving down the price for the last few months. The sports token exchanged hands at $0.067 at the time of writing, and has been trading sideways for more than a week. This confirmed low demand, which explained why the bulls were yet to take over.

Source: TradingView

CHZ’s money flow indicator confirms the low accumulation, and this was the same case with the RSI. However, some on-chain indicators may indicate that things might be about to change.

For example, the supply held by top addresses has been growing for the last five weeks, meaning whales have been buying at discounted prices.

Source: Santiment

The probability of a bullish bounce was higher at press time, as whales were buying. Nevertheless, the level of excitement remained low, something which was reflected in CHZ’s on-chain volume.

The cryptocurrency’s daily trading volume remained low despite whale accumulation.

Source: Santiment

Read Chiliz’s [CHZ] Price Prediction 2023-24

The retail segment also lacked excitement, as revealed by the daily active addresses. The latter achieved its monthly peak on 10 June and has retreated to its lower monthly range since then.

Regardless, there is still hope for the bulls, as investor sentiment has been improving for the last few days.