CHZ has been the best performer amongst the top 50 cryptocurrencies by market cap over the last 24 hours.
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.
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.
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.
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