Chiliz (CHZ) has been on a downtrend ever since establishing its all-time high at $0.77 in April. CHZ crypto has entered a consolidation phase recently. The indecisiveness of the market may entail the onset of a price rally for the cryptocurrency. At the time of writing, CHZ coin stands at a price level of $0.28. The price has increased by 5% in the past twenty-four hours while the daily trading volume has declined by 30%.
Chiliz (CHZ) Technical Analysis
The market sentiment for Chiliz crypto has turned bullish despite the general bearish outlook of the overall crypto market. Out of the total twenty-six technical indicators, ten are giving out a signal of buy while nine stand at a neutral position with only seven signals of sell. The oscillators are neutral while the moving averages suggest an uptrend in the daily timeframe.
Traders and analysts have turned bullish on the cryptocurrency – suggesting a long position – as CHZ coin picked up the pace. Per an analysis, CHZ crypto has been operating in a descending channel formation. The cryptocurrency had stabilized inside the channel as price started consolidating with a strong level of support. However, Chiliz coin showed increased bullish momentum as it reached upwards to break out of the formation but as the upper boundary of the formation is acting as strong resistance, CHZ failed. CHZ can now either test the support level at $0.1 to reach back upwards to higher highs.
What is Chiliz (CHZ)?
Chilizis another application of blockchain technology in the entertainment sector. The cryptocurrency is one of the leading ones in the sport and entertainment industry. CHZ is the native token of the world’s first engagement and reward platform for fans based on the blockchain, Socios.com. The aim of the platform is to ultimately create a Fan Token which tokenizes and shares the collective influence of active and passive fans.