Chiliz Heats Up With 10% Rally – Will CHZ Push Higher This Week?
05 Abril 2023 - 6:53AM
NEWSBTC
Chiliz, the sports-themed cryptocurrency, has been making great
strides following news related to the broader Chiliz ecosystem.
Chiliz’s official Twitter account revealed that the ecosystem will
launch a new blockchain that is expected to drive the demand for
the ecosystem’s native token. At the time of writing, the token is
up nearly 10% in the last seven days. Along with the bullish
sentiment surrounding cryptocurrencies in the past few days, CHZ
could see new highs this week. Public launch of the new Sports
Blockchain_ 𝐓𝐡𝐞 𝟏𝟎𝐭𝐡 𝐨𝐟 𝐌𝐚𝐲 🔒#ChilizBlockchain ⚡️ $CHZ
pic.twitter.com/xNHnCfriin — Chiliz ($CHZ) – Powering Socios.com ⚡
(@Chiliz) March 28, 2023 Related Reading: These Top 5 Meme Coins
Are Bleeding As March 2023 Ends – Here’s Why CHZ Becoming A Hot
Investment Due To Off, On-Chain Factors The sports and
entertainment niche Chiliz built itself on is celebrating the
latest development on Socios.com, which is powered by the Chiliz
ecosystem. According to one of Socios’ latest tweets, the
entertainment platform announced that they are accepting votes on
who the community wants to see on the next fan tokens. This is
ahead of the UFC Season 287 which is one of the biggest MMA shows
on the planet. With total revenue of $609 million, this would bring
more fans to Socios which means more demand for the Chiliz
ecosystem, not to mention the up-and-coming Palmeiras fan token in
the next few weeks which would also drive up demand. We’ve got
something new for UFC Fan Token holders ahead of #UFC287! 💥 Choose
which fighter you’d like to see on a @OfficialPanini Instant Card!
🤜 Vote now! https://t.co/iYE5ZHaeci pic.twitter.com/L7ZuzLuT0D —
Socios.com (@socios) April 3, 2023 Adding to the bullishness is the
May 10 release of the new Chiliz blockchain. Although there are no
specific features defined by the tweet, the community is spurred
into buying up CHZ ahead of launch. At $0.1268, The Token Is Poised
For A Big Upside CHZ, which is currently trading at $0.1268, has
been trading on a consistent upward trend following the general
crypto market price movement. This led the bulls to target the
$0.1308 resistance as a short-term target. The current sentiment on
crypto should also help the price to rally towards this resistance
in the next couple of days. Source: CoinMarketCap Source: Coingecko
Due to this, investors and traders should be able to target $0.1664
in the long term. Breaking through this resistance would give CHZ a
reliable support level for the future. Investors and traders should
focus on flipping $0.1308 to support. CHZUSD currently trading at
0.1247 on the daily chart at TradingView.com Related Reading: Solar
Network (SXP) Token Scorches Top 100 Rival Coins With 223% Rally If
the momentum allows it, CHZ bulls should be able to target $0.1914
comfortably. Monitoring the major cryptocurrencies will also
benefit the bulls as they can gauge the sentiment around crypto.
-Featured image from Crypto Times
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