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The Chiliz price has diverged from the rest of the cryptocurrency universe. CHZ is trading at $0.2885, which is about 40% above its lowest level this week. This jump has pushed its total market capitalization to more than $1.58 billion, making it the 59th biggest coin in the world. It is sandwiched between Telcoin and Elrond.
What is Chiliz? Chiliz token is a virtual financial asset that is in the gaming and entertainment industry. The project was started in 2018 when the team raised $66 million from a group of investors.
The company behind it also owns Socios.com, which is a place where sports fans can go and buy tokemized voting rights. To date, the company has partnered with many of the largest teams in the world like AC Milan, AS Roma, Barcelona, and Juventus among others. Fans use the CHZ as the native token in the Socios platform. So, what next for the Chiliz price?
On the four-hour chart, we see that the CHZ price has bounced back recently. The price has managed to move above the 23.6% Fibonacci retracement level at $0.2723. It has also managed to cross the 25-day and 50-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has risen close to the overbought level of 70.
Therefore, at this stage, this momentum will likely continue as bulls target the next key resistance at$0.3363, which was the highest level on May 27. It is also along the 38.2% retracement level.
Still, as we have seen before with coins like Polygon and Shiba Inu, parabolic rallies are often followed by parabolic declines as buyers flee. Therefore, while the uptrend will likely continue, there is a possibility that the price could see a sharper decline.
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