What’s Getting Chiliz (CHZ) Crypto Rally Over 13%?
As the crypto market continues to struggle amid a bearish market situation, few cryptos are capturing the market’s attention with an impressive rally. One such crypto that has managed to capture the market’s attention in a bearish phase is the Chiliz (CHZ) crypto.
The Malta-based CHZ platform is primarily the world’s leading blockchain fintech provider for sports and entertainment. Developed by Socios.com, CHZ crypto powers blockchain technology to increase engagement between fans and their favorite sports teams. Fans can purchase fan tokens from their favorite teams using the CHZ token and customize them for a real-world experience.
The August 16 CHZ crypto was up 13.70% at 10:40 a.m. (GMT +1), according to CoinMarketCap. Moreover, the token also witnessed a decent volume increase of 70.78% at the time of writing.
Why is CHZ cryptorally?
Chiliz crypto is witnessing a rally on Tuesday due to a number of factors. Aside from its bullish run over the last 30 days or so, CHZ crypto has been making noise on the partnership front.
Leading soccer giant FC Barcelona announced last week a multi-million euro partnership with Socios.com. It is expected that after the announcement, Chiliz will also, on its front, invest 100 million euros to buy almost a quarter of Barca Studios.
Also, on August 16, leading exchange ByBit announced its Fan Token Kickoff which will be powered by the CHZ cryptos. The Fan Token Kickoff appears to be a contest that will run from August 19th to September 2nd, where users will have a chance to win approximately 200,000 USDT as prizes.
The news seems to have lifted the spirits of Chiliz investors with the RSI of the token bouncing to 79.63, indicating that it was in an overbought position during the intra-day trade.
Image credit: Trading View
The MACD also showed strong momentum with the rally getting stronger as the signal line continued to step below the MACD line on Tuesday.
Chiliz token’s performance today has also been helped by the fact that in the last 30 days or so, it has been in the bullish phase, recording gains of over 88.6%. Even in the last week or so, Chiliz has gained over 36%.
How is CHZ encryption going?
The 47th-ranked Chiliz crypto on Tuesday traded at US $0.206744 with a trading volume of US $68,61,15,761, according to CoinMarketCap. Chiliz crypto boasted a market cap of USD 1,24,05,41,340 with 6,00,03,87,493 CHZ coins in circulation.
Although the rally can be impressive, it is important to note that after such a rally, the market often returns to the market correction phase. Therefore, one must study the trends and do their respective market research before making major investment decisions.
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