Chiliz is one in all the best-performing cryptos amongst the prime 50 cryptocurrencies in the market today.
CHZ, the native token of the Chiliz community, is one in all the prime performers amongst the main 50 cryptocurrencies by market cap. CHZ has added greater than 3.5% to its worth over the final 24 hours.
The constructive efficiency comes as the broader crypto market underperforms. The broader crypto market has misplaced greater than 2% of its worth over the previous few hours. As a end result, the whole crypto market cap is now round $975 billion.
Bitcoin, the world’s main cryptocurrency, is down by 1.7% thus far today and dangers dropping beneath the $20k psychological degree if the development continues. Ether is down by 3% and is at the moment buying and selling at $1,551 per coin.
CHZ’s constructive rally comes after the Chiliz trade announced its support for the upcoming Ethereum Merge.
The group mentioned in the occasion of a brand new chain fork/token, they are going to consider whether or not to assist the distribution and withdrawal of the forked tokens in the event that they meet the trade’s necessities.
The Chiliz group will announce the timeline for such supported tokens if required in a separate announcement.
Key ranges to observe
The CHZ/USD 4-hour chart stays bearish regardless of Chiliz performing positively over the final 24 hours. CHZ has been underperforming in latest days, however its technical chart is now enhancing.
The MACD line stays beneath the impartial zone, indicating that the bears are nonetheless in management. However, it might enter the constructive area if the constructive momentum is sustained.
The 14-day RSI of 49 exhibits that CHZ is not in the oversold territory. At press time, CHZ is buying and selling at $0.2092 per coin. If the rally continues, CHZ might surge previous the first main resistance degree at $0.2343 today.
However, it could want the assist of the broader crypto market to surpass final week’s excessive of $0.2625.
The broader market stays bearish, and this might have an effect on CHZ’s efficiency in the close to time period. CHZ might lose the $0.1954 assist degree earlier than the finish of the day if the bearish sentiment thickens in the broader crypto market.
