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Wednesday, October 5, 2022
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    HomeMarketCHZ is up by 3.5% today as the broader market retraces

    CHZ is up by 3.5% today as the broader market retraces

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    Chiliz is without doubt one of the best-performing cryptos amongst the highest 50 cryptocurrencies out there right this moment.

    CHZ, the native token of the Chiliz community, is without doubt one of the high performers amongst the main 50 cryptocurrencies by market cap. CHZ has added greater than 3.5% to its worth over the past 24 hours. 

    The optimistic efficiency comes because the broader crypto market underperforms. The broader crypto market has misplaced greater than 2% of its worth over the previous few hours. Consequently, the entire crypto market cap is now round $975 billion.

    Bitcoin, the world’s main cryptocurrency, is down by 1.7% thus far right this moment and dangers dropping beneath the $20k psychological degree if the pattern continues. Ether is down by 3% and is at present buying and selling at $1,551 per coin.

    CHZ’s optimistic rally comes after the Chiliz change announced its support for the upcoming Ethereum Merge. 

    The staff mentioned within the occasion of a brand new chain fork/token, they are going to consider whether or not to help the distribution and withdrawal of the forked tokens in the event that they meet the change’s necessities. 

    The Chiliz staff will announce the timeline for such supported tokens if required in a separate announcement.

    Key ranges to look at

    The CHZ/USD 4-hour chart stays bearish regardless of Chiliz performing positively over the past 24 hours. CHZ has been underperforming in current days, however its technical chart is now enhancing.

    The MACD line stays beneath the impartial zone, indicating that the bears are nonetheless in management. Nevertheless, it may enter the optimistic area if the optimistic momentum is sustained. 

    The 14-day RSI of 49 reveals that CHZ is not within the oversold territory. At press time, CHZ is buying and selling at $0.2092 per coin. If the rally continues, CHZ may surge previous the primary main resistance degree at $0.2343 right this moment.

    Nevertheless, it could want the help of the broader crypto market to surpass final week’s excessive of $0.2625.

    The broader market stays bearish, and this might have an effect on CHZ’s efficiency within the close to time period. CHZ may lose the $0.1954 help degree earlier than the top of the day if the bearish sentiment thickens within the broader crypto market. 



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