Key Takeaways
- CHZ rose about 7% over the past 24 hours and is currently trading above $0.053.
- If the bullish momentum continues, the cryptocurrency could push toward the $0.060 level.
CHZ reaches $0.054 as bulls take control
CHZ, the native token of the Chiliz blockchain, gained roughly 7% in the last 24 hours, making it one of the top performers among the 100 largest cryptocurrencies by market capitalization.
The positive move comes as Chiliz expands its Fan Token offerings ahead of the 2026 FIFA World Cup.
On Tuesday, Chiliz announced via X that Socios signed an agreement with another national football team to launch a Fan Token, following recent launches for Argentina, Portugal and Italy — marking the fourth national team to join the platform.
These developments have driven stronger demand for CHZ, pushing its market capitalization above $550 million.
However, despite the current bullish outlook, CryptoQuant summary data points to possible downside risk for CHZ. The data indicate increased retail activity and signs of overheating in both spot and futures markets, which could precede a correction.
CHZ eyes $0.06 amid strong technicals
The CHZ/USD 4-hour chart reflects renewed bullish momentum following the recent uptick. At the time of writing, CHZ trades around $0.0533 after a successful close above the earlier daily resistance near $0.039 posted earlier this year.
CHZ faced minor rejection near $0.054 but may break through that level soon. If the uptrend holds, CHZ could extend gains toward the psychologically important $0.060 mark, with a weekly resistance area around $0.063 that will be significant for bulls.
The 4-hour Relative Strength Index (RSI) sits near 66 and is moving toward overbought territory. The moving average convergence divergence (MACD) has also produced a bullish crossover, further supporting the positive case.
On the downside, a pullback could see CHZ retreat toward the daily support level near $0.039 if momentum fades.