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Chiliz (CHZ) at Top of Crypto Market with 8.2% Growth, Here’s Why

Chiliz (CHZ) at Top of Crypto Market with 8.2% Growth, Here’s Why

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Arman Shirinyan

Chiliz’s exceptionally good price performance has some suspicious signs

Content

  • CHZ Technical Analysis
  • Why is the CHZ price on a rally?

Chiliz has once again proven to be one of the most independently moving assets in the market, with the token gaining more than 10% in value in the last 24 hours despite the current correction in the market.

CHZ Technical Analysis

Since the end of July, the trading volume of CHZ has increased tremendously, corresponding to the rapid price increase of the token. Market data suggests that the growth was completely natural and we have not observed any speculation around the token.

CHZ chart

On August 23, the peak of CHZ is assumed to be $0.26, taking into account the volume profiles and the movement of funds: traders are gradually moving away from the token, and the main reason may be related to the general trends of the cryptocurrency market.

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According to the moving average, CHZ has successfully entered an uptrend, confirmed by the 50-day and 200-day EMA crossover. Despite the local downtrend over the past two weeks, the asset still has enough strength to bounce off the local support level.

Why is the CHZ price on a rally?

Over the past few months, CHZ’s price performance was excellent considering the overall market situation. The main reason may be related to the fundamental value of the token that connects sports fans and their favorite teams using blockchain technologies.

A series of important partnerships and upcoming major sporting events have always been considered strong growth factors for projects like Chiliz. Unfortunately, there are some signs of speculation during the latest rally, given the absence of fundamentally important news about the project.

Source: https://u.today/chiliz-chz-at-top-of-crypto-market-with-82-growth-heres-why

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