CHZ has been the best performer amongst the top 50 cryptocurrencies by market cap over the last 24 hours.
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The broader cryptocurrency market has dipped by less than 1% today, following an excellent start to the week.
CHZ, the native token of the Chiliz ecosystem, is up by more than 13% in the last 24 hours, making it the best performer amongst the top 50 cryptocurrencies by market cap.
CHZ’s rally comes as the FIFA World Cup 2022 draws closers. Chiliz is a fan token and has gained popularity in the football world over the last few years. With the 2022 World Cup around the corner, CHZ’s adoption rate could surge.&
The positive performance comes as the broader crypto market is struggling. The total crypto market cap stands at around $839 billion, down by roughly 1% in the last 24 hours.
Bitcoin is still trading above $16k despite losing less than 1% of its value today. Ether is down by more than 2% and is now trading above $1,200 per coin.
Key levels to watch
The CHZ/USD 4-hour chart has turned bearish as Chiliz has been performing well over the past 24 hours. The technical indicators show that CHZ is outperforming the broader crypto market.&
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The MACD line has crossed into the positive zone after rallying by 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 be heading into the overbought region over the coming hours or days.&
At press time, CHZ is trading at $0,2322. If the rally continues, CHZ could surge past the first 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 at $0.2960 in the near term.&
Where to buy Chiliz now
eToro
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Bitstamp
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The post CHZ soars by 13% today as the FIFA World Cup 2022 draws closer appeared first on CoinJournal.
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