Chiliz (CHZ) leads the gain by adding more than 30% per week to the bears

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The outlook for the general crypto market has not been very encouraging lately. This week, most coins lost their daily and weekly price gains. For instance, Bitcoin remained red in daily and weekly price gains. Currently, its 24-hour price is showing a decline of 1.83%. But the 7-day movement shows a price loss of 4%. Ethereum also showed an unimaginable loss in its 7-day price gain.

Related Reading: Polkadot Suffers 10% Weekly Loss on Hawkish Fed – Time to Buy DOT?

Since September 23, ETH hourly gain, 24 hour gain, and 7 days were all red. The crypto lost 0.02% in 24 hours and 11.44% in the 7-day movement.

Chiliz CHZ not affected by the downtrend

Chiliz (CHZ) is showing a different price movement amid the bearish momentum. His gains in 7 days kept increasing. Currently, CHZ is trading at $0.2685, showing a price increase of 5.31% in 24 hours. But this gain is not the most interesting since the price of CHZ in 7 days has increased by about 30%. Since September 16, the coin has steadily climbed significantly. It opened the market at $0.1901 but surged during the day, hitting $0.2099. This day marked the start of a positive price movement that has lasted until today. CHZ maintained its position above $0.2 and has not fallen below the price since September 16.

CHZUSD
The price of CHZ is currently hovering at $0.2713. | Source: CHZUSD price chart from TradingView.com

But what could drive Chiliz CHZ permanently?

The first notable push started with the announcement of CHZ 2.0, Chiliz’s native channel, last month. The developers informed the community of their intentions to launch the chain for their fungible NFTs and tokens, moving them away from the Ethereum blockchain. The announcement led to a spike in prices and trading volume.

After the news, crypto whales once again showed their hands, pushing trades higher. The data reveals that the trades reached over $100,000 and caused the price of CHZ to rise by 12.5% ​​on the same day. Analysts also predicted last month that CHZ would hit its cut and manage the model profit target of $0.32 by September. The indications were shown on August 14 when the token broke out of its dominant cup and handle configuration.

Will the macro factors push the price of CHZ down?

Analysts predicted that CHZ will hit its profit target this month due to its positive move in August. With the current price movement, the token could reach the predicted price very soon. Gaining 30% in seven days is no mean feat amid the ongoing downtrend. If it continues in this trend, the CHZ could rise before the end of September.

Related reading: PoW Tokens Take a Hit: Ravencoin and Ethereum Classic Crash Over 20%

But then, the bear market is driven by macroeconomic factors, including inflation, a rise in the CPI level, and continued interest rate hikes. These factors contributed to the crypto market crash. Nobody can predict the prices. CHZ therefore faces many challenges to continue its uptrend.

Featured image from Pixabay and chart from TradingView.com

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