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Chiliz Pumps 45% in Last 7 Days: Here’s Why

Chiliz
Chiliz

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Chiliz pumps 45%, maintaining its previous-day uptrend, and drew additional bids near the 0.228167 level. Chiliz (CHZ) experienced a spectacular upswing in the last 24 hours, gaining more than 23% on Tuesday, August 16. The CHZ team hinted at an impending testnet update, which helped the project gain traction.

The Chilliz team may have hinted at an impending Scoville network upgrade, which was another important factor pushing the Chilliz even higher.  Chilliz’s official Twitter tweet mentioned the Scoville testnet.

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Chiliz (CHZ) Price Review & Tokenomics

On Thursday, the price of Chiliz (CHZ) increased even further, from $0.1738 to $0.228167. Chiliz currently trades at $0.228167, with a daily trading volume of $718 million. Chiliz’s price increased by 8.37% the day before.

Chiliz is now ranked #44 in the market, with a current market value of $1.3 billion. The total supply of CHZ coins is 8,888,888,888, with 6,000,387,493 currently in circulation.

Several Partnerships in the Sports Sector

Chiliz, powered by the Socios platform, has established numerous partnerships in the sports industry, allowing Chiliz to achieve significant gains. The start of the English Premier League has resulted in increases for the Chiliz token, accounting for the double-digit gains over the last 24 hours.

European football’s 2022–2023 seasons have already started and are currently in progress. Other network-related news may also benefit Chiliz significantly. Chiliz Chain 2.0 is also benefiting from the Scoville testnet’s launch.

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Crypto Market Sentiment

The rise in the cryptocurrency market also aided the Chiliz coin. According to the most recent data, there was a 15.47% increase in the previous 48 hours. The crypto market’s significant upward changes have increased its weekly gains to 45.49%. However, the cryptocurrency market’s gains were only temporary as it began to lose steam.

This was observed after Bitcoin, the world’s largest cryptocurrency, lost its most recent gains. As a result, it was believed that one of the main factors impeding further advancements in the Chiliz coin was the recent downturn in the cryptocurrency market.

Chiliz Pumps 45% – Technical Outlook

Chiliz (CHZ) is trading strongly bullish, having disrupted the long-term and short-term resistance levels at the $0.1500 level. It indicates that a bottom has been reached. Since reaching an all-time high of $0.94 in March 2021, CHZ has been declining beneath a falling wedge.

The decline resulted in a low of $0.081 in May 2022. The falling wedge is a bullish pattern, which means that the price usually breaks out from it. CHZ broke out on August 1 and achieved a high of $0.225 on August 17.

Furthermore, the weekly RSI has broken above its downward resistance line and is now above 50. This is regarded as an indication of a bullish trend, lending credence to the breakthrough. If the bullish trend continues, the nearest resistance level would be $0.33. This is the Fib retracement resistance level of 38.2%.

The readings from the weekly chart are supported by the daily chart, as the price has broken out from a long-term descending resistance line that has been in place since October 2021. Similarly to the weekly period, the daily RSI has gone above 50, confirming the breakout’s authenticity. The nearest resistance region in the daily period is at $0.26.

The 50-day moving average may extend resistance at the $0.25 level, and a break above this could lead the CHZ coin to the $0.33 level. Let us keep an eye on $0.3384 for a sell trade and $0.1500 for a buy trade. Good luck!

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