CHZ has been the best performer among the top 50 cryptocurrencies by market capitalization over the past 24 hours.
The broader cryptocurrency market is down less than 1% today, after an excellent start to the week.
CHZ, the native token of the Chiliz ecosystem, is up more than 13% in the last 24 hours, making it the best performer among the top 50 cryptocurrencies by market capitalization.
CHZ’s rally comes as the 2022 FIFA World Cup approaches. Chiliz is a fan token and has gained popularity in the football world in recent years. With the 2022 World Cup just around the corner, the adoption rate of CHZ could rise.
The positive performance comes as the broader crypto market is struggling. The total crypto market cap stands at around $839 billion, down about 1% in the past 24 hours.
Bitcoin is still trading above $16,000 despite losing less than 1% of its value today. Ether is down more than 2% and is now trading above $1,200 per coin.
Main levels to watch
The CHZ/USD 4-hour chart has turned bearish as Chiliz has performed well over the past 24 hours. The technical indicators show that CHZ is outperforming the broader crypto market.
The MACD line has entered the positive zone after rallying more than 13% today, indicating that the bulls have taken over the CHZ market.
The 14-day Relative Strength Index of 60 shows that CHZ could move into overbought territory in the coming hours or days.
At the time of writing, CHZ is trading at $0.2322. If the rally continues, CHZ could move past the initial resistance level at $0.2717 before the end of the day.
However, CHZ would need the support of the broader cryptocurrency market to enable it to surpass the second major resistance level of $0.2960 in the near term.
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