Chiliz has once again proven to be one of the market’s most independently moving assets, with the token increasing in value by more than 10% in the last 24 hours, despite the market’s current slump.
Technical analysis of CHZ
Since the end of July, CHZ has seen a large surge in trading volume, which corresponds to the token’s quick price growth. According to market data, the growth was entirely natural, and there was no speculation about the token.
On August 23, CHZ allegedly peaked at $0.26, based on volume profiles and fund movement: traders are gradually moving away from the token, and the major explanation could be connected to broader trends in the cryptocurrency market.
Moving averages indicate that CHZ has entered an uptrend, which is verified by a cross of the 50- and 200-day EMAs. Despite the fact that the asset has been in a local slump for the last two weeks, it still has enough potential to bounce off the local support level.
Why is the price of CHZ rising?
In light of the overall market condition, CHZ price performance over the last few months has been remarkable. The primary reason could be linked to the core value of the currency, which uses blockchain technologies to connect sports fans with their favorite teams.
A series of significant agreements and upcoming large sporting events have long been regarded as powerful growth catalysts for enterprises comparable to Chiliz. Unfortunately, given the lack of fundamentally essential news about the project, there are some symptoms of speculation during the most recent rally.