- A sharp fall of 18.44% has been observed in the Chiliz price during the monthly session.
- Technical indicators summary is going negative in the current trading phase.
- The trading volume has experienced an 81.12% rise in the last 24 hours.
By Eponymous Malta-based Fintech, Chiliz (CHZ) is a leading digital currency for sports and entertainment. It operates Socios (a blockchain-based sports entertainment platform), where users can participate in the governance of their favorite sports brands. The tokens are minted on the Socios sidechain, which uses a proof-of-authority (PoA) consensus mechanism.
Chiliz has Experienced Over 100% Growth in the Last Six Months
CHZ token price has started gaining positive appreciations from the $0.054 support in September 2023. Subsequently, the price reflected positive returns for the seven consecutive months. Chiliz delivered over 200% profits during that upsurge.
However, some profit booking from the $0.167 resistance can be seen in the price in March 2024. The bookings also impacted the cryptocurrency price in the current month. It already has witnessed over 10% decline in April 2024.
The maximum supply of the CHZ token is capped at 8.88 billion, showing digital currency transparency. The total diluted valuation is estimated at around $1.18 billion, nearly similar to the current market capitalization.
Price-to-Volume and Social Dominance Analysis
The social buzz of the Chiliz crypto has experienced a rise in January and February 2024. Social dominance covered over 0.32% of the buzz in the crypto world. However, the buzz is slowly fading after February 2024, but the volume and price remain unbothered.
The CHZ crypto’s 24-hour trading volume has reached $75.63 million, ranking 129th out of 9,382 active cryptocurrencies. The token has stable liquidity in the exchanges, and the volume-to-market capitalization ratio (VMR) is 7.27%.
Technical Analysis of the Chiliz (CHZ) Price
The current price is moving slightly below the 50-day exponential moving average, reflecting a short-term fall. Conversely, after the golden crossover, the 200-day EMA can act as a major dynamic support for the price.
The Chiliz price has given a breakout from the $0.115 resistance and rallied almost 45% to the $0.167 resistance. A sharp selling from that resistance can be seen in the price, which became responsible for the 30% decline to the $0.115 bullish POI.
The price has gained some bullish reactions from the $0.115 POI and is facing resistance from the $0.154 supply level. The price may see a rise to the $0.230 resistance if the price gives a breakout of the $0.167 resistance.
The relative strength index (RSI) reflected a bearish divergence in the CHZ token price momentum. It is showing the increasing strength of bears in the current trading phase. The RSI is moving at 45.43 below the signal line.
Summary
The Chiliz price has been delivering positive returns since October 2023. A higher-high swing structure has been seen in the price, which is an indication of an uptrend. The CHZ price is currently facing resistance from the $0.154 supply level. The price may see a rise to the $0.230 resistance if the price gives a breakout of the $0.167 resistance.
Technical levels
- Resistance levels: $0.167 and $0.230
- Support Levels: $0.115 and $0.096
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.