On-chain analytics platform Lookonchain warned its followers about a movement in Chiliz wallets. Analyst Akash Girimath says that the altcoin price is likely to see a sharp decline as whales abandon BLUR.
chiliz there is movement in their wallets: risk for CHZ!
cryptokoin.comAs you follow from , the fluctuating trend in the market continues. After spending some time in the south, the market headed north again. Leading crypto Bitcoin managed to climb back above $37,000 after briefly losing $37,000. Altcoin projects have also generally entered the green zone. In this environment, a warning came from the on-chain analytics platform Lookonchain. Lookonchain noted a movement in the wallets of Chiliz, the venue for fan tokens. In this context, the analytics platform made the following warning:
Chiliz: Note that Multisig wallet transferred CHZ 60 million ($4.33 million) back to wallet “0x220A” 1 hour ago. Most recently Chiliz: Multisig wallet transferred CHZ 30 million ($2.3 million) on November 20. After that the CHZ price fell by about 12%.
Meanwhile, CHZ follows a fluctuating horizontal trend. At press time, the altcoin is trading with a slight loss of 0.011% on a daily basis.
As the winds increase BLUR the price may decrease
The Blur (BLUR) price drop was not a question of “if” but a question of “when”. This can be seen when we take a closer look at Santiment’s on-chain metrics. Daily Active Addresses (DAA) and Network Growth (NG) started to decline after November 22. It also formed a lower high on November 24 and 25, when BLUR formed a local high. Shortly after, altcoin trading volume also dropped, adding credibility to this bearish thesis. Currently, DAA, NG and Volume are at higher levels than pre-rally levels.
The next important metric to check is the Network Realized Profit/Loss (NPL). The on-chain metric is used to track average profit/loss as it assumes that the token is sold when it changes address. In the capitulation event on November 21, BLUR worth approximately 8.45 million was sold at a loss. This was followed by a 103% increase in the altcoin price from $0.337 to $0.685. However, investors took profits worth approximately $7.60 million on November 27. This shows that more negativity awaits BLUR owners.
Finally, the Supply Breakdown metric shows that whales holding 10,000 to 100,000, 100,000 to 1,000,000, and 1,000,000 to 10,000,000 BLUR began to unload their holdings after November 20th. This development reveals that whales have had a significant impact on the recent decline in the altcoin price. It is useful to follow these investors to determine where the token will go next.
BLUR price prediction: A 42% correction is on the cards for the altcoin!
The altcoin price is down nearly 30% from its local peak of $0.685. Currently, support stands at $0.480. If investors continue to take profits and Bitcoin falls further, this structure is likely to break down. However, a minor pullback to $0.555 before another leg to the downside is reasonable. The 50 Fibonacci retracement level at $0.420 will be the next target for the bears. Beyond this level is the 62% retracement level of $0.355 in a dire scenario.
On the other hand, if the altcoin price turns the $0.700 hurdle into a support base, it will produce a higher top, invalidating the bearish thesis. In such a case, it is possible for BLUR to hit the next important psychological level at $1,000.
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