The crypto market is seeing another downturn during Friday trading. The majority of Altcoins were seen posting slight to significant losses. Only a small handful of tokens like Chiliz (CHZ) traded in green as of press time. At the time of writing, Chiliz was exchanging hands at $0.32, up 24.61% in the last 24 hours and 24.44% weekly. Chiliz is seeing a flurry of buyer demand in the last 24 hours amid the launch of Argentina fan token (ARG) while reaching a market cap of $1.89 billion and $1.66 billion in trade volume. As shared in a recent tweet by the Chiliz network, Argentina has become the first national team in football history to be tokenized. On June 11, the Argentine Football Association Fan Token (ARG) that will allow fans to have a tokenized share of influence on club decisions went live on the Chiliz network.
Key Levels
Resistance Levels: $0.8074, $0.6720, $0.4900
Support Levels: $0.2581, $0.2290, $0.2040
CHZ/USD Daily Chart: Ranging
CHZ/USD Daily Chart
Chiliz has been in a slightly upward movement over the last 24 hour sessions while approaching the upside capping MA 50 barrier at $0.377. The CHZ/USD pair is consolidating within the moving averages 50 and 200, a break above or beneath may determine the next trend direction. The short-term oscillators are reflecting strengthening positive momentum while the RSI is improving in the bullish territory, slightly above the 50 neutral marks.
A successful increase beyond the MA 50 ($0.377) could find immediate resistance at $0.54 ahead of the $0.63 level. If the bulls manage to drive CHZ above these hurdles, they could challenge $0.86 ahead of the March all-time highs of $0.97. On the other hand, a decline could retest the MA 200 at $0.22 before sending the CHZ/USD pair towards the lower boundary of the consolidation range at $0.16.
CHZ/USD 4-Hour Chart: Ranging
CHZ/USD 4-Hour Chart
CHZ/USD has been consolidating in the last couple of weeks with the decline to $0.23 on may 23 forming a base for the lows. Bulls brought ammunition yesterday pushing above the MA 50 barrier cap at $0.26. Overcoming the MA 50 and the intermediate $0.29 level, they then encountered the MA 200 ($0.3209) wall higher. The CHZ/USD pair returned slightly lower on hitting the intraday barrier at $0.356 high.
If the MA 200 ($0.3209) keeps the bulls at bay, a shove below the MA 200 and the $0.289 level could have a price stall at the $0.261 support, where the MA 50 lies. Falling further, if the bears manage to move past the $0.20 support, the CHZ price could come to rest between the $0.16-$0.17 range. Alternatively, a sustained climb past the MA 200 and ultimately the $0.356 level may expose barriers at $0.52 and $0.61 levels before all-time highs at $0.97. Overall, the CHZ/USD pair maintains a neutral to bullish bias as indicated by the RSI.
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