The cryptocurrency market continues to trade indecisively on Thursday. Chiliz is up 16.16% in the last 24 hours at a present price of $0.479. Chiliz is showing positive potentials in its price as investors plow into NFT opportunities. Chiliz, the blockchain network behind the Socios.com fan engagement platform has seen recent growth largely due to its focus on the world of sports while helping fans interact with their favorite teams and players. Along this line, CHZ recently released fan tokens for clubs like São Paulo FC, AC Milan, and Manchester City while launching in-game NFTs for fan token holders. AS Monaco and Davis Cup has just joined the growing list of fan tokens listed on the Chiliz exchange. Earlier in November, Chiliz unveiled a partnership with Kraft Sports and Entertainment which will see the National Football League’s (NFL) New England Patriots and Major League Soccer’s (MLS) New England Revolution join the Chiliz and Socios ecosystem.
Key Levels
Resistance Levels: $0.6636, $0.6069, $0.5500
Support Levels: $0.4575, $0.4106, $0.3669
CHZ/USD Daily ChartCHZ ticked to intraday highs of $0.54 early on Thursday before easing to around $0.483 where it trades presently. After the short-term uptrend faced a moderate pullback on marking highs at $0.606 on Nov. 13, buyers retook control and pushed the price higher following the bounce above the MA 50 at $0.409.
On the upside, a daily close above $0.541 may perhaps open the doors for a decent increase. The next key stop for the bulls could be $0.60 and then $0.66. The positive crossing of the MAs keeps optimism intact. Alternatively, major support is envisaged at the moving averages 50 and 200. There is also a minor ascending trendline forming with support near the $0.38 and $0.28 levels on the same chart.
CHZ/USD 4-Hour ChartCHZ/USD returned slightly lower as the pair is facing hurdles near $0.53. Currently, the RSI is depicting the decline in momentum, though as long as it remains above its 50 neutral mark, the bulls may have new opportunities to drive the market higher. Above the $0.54 mark, the $0.59 level could prove to be another hurdle on the way up.
The chances for a sharp rally towards the next barrier of $0.655 and $0.70 is sustained if the bulls indeed breach these walls. Otherwise, should sellers dominate, the $0.46 and the moving averages 50 and 200 could immediately support the market within the $0.456 – $0.444 region. In brief, CHZ/USD seems to have more bullish fuel, a breakout above the $0.60 bar would be significant to the progress of the uptrend.
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