The Chiliz price has bounced back as investors remain optimistic about its growing ecosystem. CHZ has jumped by more than 20% in the past 24 hours. It is trading at $0.5150, which is the highest it has been since November 16th this year. This recovery has brought its total market cap to more than $2.7 billion, according to data by CoinGecko.
Chiliz is a leading blockchain platform that is in the gaming and non-fungible tokens (NFT) industries. The platform runs socios, which has partnered with leading clubs like Barcelona and Paris St Germain.
It also owns a platform known as Chiliz Exchange, which is a platform where people can trade NFTs. The most recent additions to the network is that of the Davis cup. CHZ is the native token for the ecosystem.
On the four-hour chart, we see that the CHZ price found a strong support at $0.42000 recently. The coin struggled moving below this support several times this month. This means that there were no sellers below that level. It has managed to move above the 25-day moving average, signalling that there are still more buyers in the market.
It is also approaching the key resistance level at $0.60, which was the highest level this month. It seems like buyers are keen to retest this level, which is about 15% above the current level. Therefore, there is a likelihood that they will get their wish since the price is expected to rise to this point soon. On the flip side, a drop below $0.45 will make this view invalid.
This post was last modified on Nov 25, 2021, 06:28 GMT 06:28