The cryptocurrency market continues its poor begin to the week, however Chiliz has been performing excellently today.
CHZ, the native token of the Chiliz blockchain, is up by greater than 15% during the last 24 hours. Thus, making it the perfect performer amongst the highest 100 cryptocurrencies by market cap.
The broader crypto market has been underperforming for the reason that begin of the week. The market has misplaced greater than 3% of its worth within the final 24 hours, with the overall market cap nonetheless above $1.1 trillion.
Bitcoin has maintained its value above $24k after shedding lower than 1% of its worth today, whereas Ether has dipped under the $1,900 resistance stage as it’s down by 1.2% within the final 24 hours.
CHZ’s rally might be attributed to the Chiliz workforce tweeting about its upcoming Pequin replace. Pequin is the fifth part of its Scoville testnet replace and can result in the launch of the CHZ cross-chain bridge.
After the Pequin replace, Scoville has just one extra replace earlier than the mainnet launch, which is slated to occur within the third or fourth quarter of the 12 months.
Key ranges to observe
The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the previous 24 hours.
The MACD line is deep throughout the optimistic territory, indicating that CHZ is bullish regardless of the bearish sentiment within the broader cryptocurrency market.
The 14-day relative power index of 75 exhibits that CHZ is near getting into the overbought area. CHZ is up by greater than 37% within the final seven days.
At press time, CHZ is buying and selling at $0.20 per coin. If the optimistic momentum is maintained, CHZ may cross the $0.24 resistance stage for the primary time since April. In the occasion of an prolonged bullish efficiency, CHZ may commerce above the $0.310 resistance stage over the subsequent few days.
