Despite the bearish outlook of the cryptocurrency market, Chiliz (CHZ) has been increasingly bullish. At the time of writing, the cryptocurrency stands at a price level of $0.263. The cryptocurrency has moved up by 9% in the past twenty-four hours while the trading volume has shot up by 270%. The fifty-first largest cryptocurrency has been gaining in market capitalization as well.
Chiliz (CHZ) technical analysis
The market sentiment for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, eleven are giving out an indication of buy with ten indicators standing at a neutral position and only five indicators bearish. Both the oscillators and moving averages are bullish.
Chiliz crypto has been identified to be operating on an upward wave count. The bullish momentum is going strong in the market with the wave count lying on various important resistance levels. Currently, Chiliz lies at the first wave. The immediate resistance level can be found at the completion of the first wave at the price level of $0.33 followed by $42 and $0.53. The resistance levels will also be translated into potential price targets for the cryptocurrency if the upward trajectory is sustained.
What is Chiliz (CHZ) and why is it bullish?
Chiliz is the native token of the fan engagement and reward platform called Socios.com which is the first of its kind. The social platform is based on the blockchain of Chiliz. Sport fans can trade and purchase Fan Tokens which can also act as a share of influence.
Kraken – the crypto exchange – recently listedChiliz (CHZ) along with some other cryptocurrencies, namely, Axie Infinity (AXIE), Origin Protocol (OGN), and Perpetual Protocol (PERP). The trading of the assets on Kraken started on July 13th and may have played a role in the bullish momentum of Chiliz.
