• Mon. Jun 24th, 2024

Chiliz looks to rally higher ahead of its fan token launchpad

The cryptocurrency market has continued its poor performance, but Chiliz is outperforming most of the cryptocurrencies in the top 100.

CHZ, the native coin of the Chiliz ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap. Chiliz has added more than 7% to its value over the last 24 hours. 

CHZ’s positive performance comes despite the broader market underperforming in the last 24 hours. The broader cryptocurrency market has lost nearly 4% in the last 24 hours, with the total market cap now around $950 billion.

Bitcoin, the world’s leading cryptocurrency, has lost more than 2% of its value so far today. As a result, BTC is trading below the $20k psychological level once again.

Ether has lost more than 8% of its value today despite the Ethereum network successfully migrating to a proof of stake mechanism roughly 24 hours ago. ETH is trading below $1,500 for the first time in nearly two weeks.

CHZ’s positive performance comes after the team announced that it would introduce a fan token made in Brazil on its launchpad. 

Chiliz is yet to announce the date of the launchpad, but the move could attract more interest from sports lovers.

Key levels to watch 

The CHZ/USD 4-hour chart is still bearish despite Chiliz performing well over the last 24 hours. The technical indicators show that CHZ is recovering from its recent decline in price.

CHZ/USD 4-hour Chart By TradingView

The MACD line remains within the negative territory. However, if the rally continues, the MACD line could cross into the positive zone, indicating bullish momentum. 

The 14-day RSI of 59 shows that CHZ could enter the overbought region if it can maintain its current positive performance.

At press time, CHZ is trading at $0.20578 per coin. If the bullish performance continues, CHZ could target the $0.2257 resistance level over the next few hours.

However, it would need the support of the broader cryptocurrency market to reach $0.2489 for the first time since August 25th. 

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