Chiliz (CHZ) price is extending its gains, trading above $0.044 on Friday after posting three consecutive green candlesticks earlier this week. On-chain data shows that bullish price action is further supported by steadily rising whale accumulation. On the technical side, bulls remain in control and are targeting levels above $0.050 in the near term.
Whales buy the dips
Santiment’s Supply Distribution data supports a bullish outlook for Chiliz, as large-wallet holders (whales) are buying the recent dips.
The metric indicates that whales holding between 100,000 and 1 million (red line) and 10 million and 100 million (blue line) CHZ tokens have accumulated a total of 33.65 million tokens since Monday. During the same period, wallets holding between 1 million and 10 million CHZ tokens (yellow line) have shed 26.33 million tokens.
This shows that the second cohort of whales could have fallen prey to the capitulation event. In contrast, the first set of wallets seized the opportunity and accumulated Chiliz at a discount.
Apart from the holders accumulating, the derivative data also supports a positive bias. Chiliz’s funding rates flipped positive on Sunday and surge to 0.010% on Friday, indicating that longs are paying shorts. Historically, as shown in the chart below, when the funding rates have flipped from negative to positive and risen, the CHZ price has rallied sharply.
Moreover, CryptoQuant summary data suggests a neutral to mild bullish outlook for Chiliz. CHZ’s futures markets show large whale orders, suggesting a potential upside move, with mostly neutral signs on other metrics.
Chiliz Price Forecast: CHZ shows constructive tone
Chiliz’s price is trading at $0.044 on Friday, with holdings above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) clustered between roughly $0.041 and $0.040, reinforcing a constructive near-term bias after reclaiming these trend gauges.
The Relative Strength Index (RSI) on the daily chart around 54 suggests moderate bullish momentum rather than overstretched conditions. At the same time, the slightly negative but improving Moving Average Convergence Divergence (MACD) line hints that upside pressure is rebuilding after a recent pause.
On the topside, initial resistance is at the 50% retracement of the latest downswing near $0.047, with further barriers at the 61.8% level at $0.051, then $0.057, before the cycle high around $0.064.
On the downside, immediate support aligns with the recent close area and the 38.2% Fibonacci retracement at $0.043, followed by the 50-day EMA at $0.041; a deeper pullback would expose the 100-day and 200-day EMAs near $0.040 and, below that, the 23.6% retracement at $0.038 as a more distant demand zone.
(The technical analysis of this story was written with the help of an AI tool.)
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