Blog

The cryptocurrency market continues its poor begin to the week, however Chiliz has been performing excellently today.

CHZ, the native token of the Chiliz blockchain, is up by greater than 15% over the past 24 hours. Thus, making it the most effective performer amongst the highest 100 cryptocurrencies by market cap.

The broader crypto market has been underperforming because the begin of the week. The market has misplaced greater than 3% of its worth within the final 24 hours, with the whole market cap nonetheless above $1.1 trillion.

Bitcoin has maintained its worth above $24k after shedding lower than 1% of its worth today, whereas Ether has dipped beneath the $1,900 resistance degree as it’s down by 1.2% within the final 24 hours.

CHZ’s rally will be attributed to the Chiliz group tweeting about its upcoming Pequin replace. Pequin is the fifth section of its Scoville testnet replace and can result in the launch of the CHZ cross-chain bridge.

After the Pequin replace, Scoville has just one extra replace earlier than the mainnet launch, which is slated to occur within the third or fourth quarter of the yr.

Key ranges to look at

The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the previous 24 hours.

The MACD line is deep inside the optimistic territory, indicating that CHZ is bullish regardless of the bearish sentiment within the broader cryptocurrency market.

The 14-day relative energy index of 75 exhibits that CHZ is near coming into the overbought area. CHZ is up by greater than 37% within the final seven days.

At press time, CHZ is buying and selling at $0.20 per coin. If the optimistic momentum is maintained, CHZ may cross the $0.24 resistance degree for the primary time since April. In the occasion of an prolonged bullish efficiency, CHZ may commerce above the $0.310 resistance degree over the subsequent few days.