Key takeaways
- CHZ is up 7% in the last 24 hours and is now trading above $0.053.
- The cryptocurrency could rally towards the $0.060 level if the bullish trend continues.
CHZ hits $0.054 as bulls take control
CHZ, the native coin of the Chiliz blockchain, is up 7% in the last 24 hours, making it one of the best performers among the top 100 cryptocurrencies by market cap.
The positive performance comes as Chiliz continues to expand its Fan Token lineup ahead of the 2026 FIFA World Cup.
Chiliz announced via X on Tuesday that Socios has signed a new national football team to launch a Fan Token, following launches for Argentina, Portugal, and Italy, marking the fourth national team.
This latest development has boosted the demand for CHZ, pushing its market cap above $550 million.
However, despite the current outlook, CryptoQuant’s summary data supports a bearish forecast for CHZ. The data shows that both spot and futures markets are displaying signs of retail activity and overheating, suggesting a potential correction ahead.
CHZ bulls eye $0.06 amid strong technicals
The CHZ/USD 4-hour chart is bullish but inefficient thanks to its rally in the last 24 hours. At press time, CHZ is trading at $0.0533 after successfully closing above the daily resistance of $0.039 earlier this year.
CHZ has encountered a slight rejection around the $0.054 level but could overcome it in the near term. If CHZ continues its upward trend, it could extend the rally toward the $0.060 psychological level, with a\ weekly resistance at $0.063, an interesting area for the bulls.
The Relative Strength Index (RSI) on the 4-hour chart reads 66 and is heading into the overbought region. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, further supporting the bullish view.
However, if CHZ faces a pullback, it could dip towards the daily resistance-turned support level at $0.039.
