Chiliz distances himself from recent crypto drama, but CHZ was…

• CHZ took losses despite Chiliz not being directly exposed to events that triggered losses.
• CHZ bulls are looking to take over, but the coast may not be ready yet.

Chiliz has recently joined the list of crypto projects that have issued statements about the state of exposure to recent market problems. An attempt to boost investor confidence during a month that has so far seen an influx of R&D.

Realistic or not, here is Chiliz market cap in BTC terms

Chiliz CEO Alexander Dreyfus recently noted that the network was not exposed to Silvergate, FTX, Celsius, SBV or Signature.

His statement is due to increased investor concern regarding the state of most networks. A scenario that has led to an outflow of liquidity, at least until things cool down. Dreyfus also added that Chiliz has instead focused on development.

For what it’s worth, @sosios has had no exposure to FTX, Celsius, 3AC, Silvergate, Signature, SVB or any of the dramas in the last 12 months. We are a very conservative group of people who focus on building @chiliz as an ecosystem. We are spectators to this clean-up.

— Alexandre Dreyfus 🇹🇷 (@alex_dreyfus) March 10, 2023

Unfortunately, Chiliz’s native crypto CHZ was still experiencing the impact of the market turmoil caused by the black swan events of the past 12 months. As a result, CHZ was unable to sustain its gains in January. Instead, it pulled back over the past three weeks, erasing earlier gains.

CHZ price overview

CHZ changed hands at $0.106 at press time after a 40% drop from its February high. It also nearly fell to its January low, followed by a small reversal just before dipping into the RSI’s oversold zone.

Source: TradingView

Can CHZ come back strong? Well, the MFI indicates that remarkable accumulation has taken place. A key indicator supporting this is the 7-day MVRV which rebounded on March 9 after falling to a weekly low.

Source: Sentiment

The feedback confirms an increase in CHZ accumulation over the past two days. It thus suggests that those who bought near the last lows are now in profit after the weak price rise that occurred on Friday.

More importantly, whales have accumulated. The offer held by top addresses registered a marginal upside during the last seven days.

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Whale accumulation is an important part because of the impact they have on price movements.

Meanwhile, the average coin age achieved a steady rise over the past 7 days despite the price crash. A reflection of the aforementioned whale accumulation.

Source: Sentiment

Network growth also improved in the same weekly period. However, it did swing on Friday, but this pivot could just be an indicator that the selling pressure was easing.

The observed whale accumulation may provide some relief against the inconvenience. It does not, however, serve as confirmation that prices will not continue to fall.