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Thursday, October 6, 2022
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    HomeMarketCHZ rallies by 15% today as Scoville mainnet draws closer

    CHZ rallies by 15% today as Scoville mainnet draws closer

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    The cryptocurrency market continues its poor begin to the week, however Chiliz has been performing excellently right now.

    CHZ, the native token of the Chiliz blockchain, is up by greater than 15% during the last 24 hours. Thus, making it one of the best performer amongst the highest 100 cryptocurrencies by market cap.

    The broader crypto market has been underperforming for the reason that begin of the week. The market has misplaced greater than 3% of its worth within the final 24 hours, with the entire market cap nonetheless above $1.1 trillion.

    Bitcoin has maintained its worth above $24k after dropping lower than 1% of its worth right now, whereas Ether has dipped beneath the $1,900 resistance degree as it’s down by 1.2% within the final 24 hours.

    CHZ’s rally will be attributed to the Chiliz group tweeting about its upcoming Pequin replace. Pequin is the fifth section of its Scoville testnet replace and can result in the launch of the CHZ cross-chain bridge.

    After the Pequin replace, Scoville has just one extra replace earlier than the mainnet launch, which is slated to occur within the third or fourth quarter of the yr.

    Key ranges to observe

    The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the previous 24 hours.

    The MACD line is deep inside the constructive territory, indicating that CHZ is bullish regardless of the bearish sentiment within the broader cryptocurrency market.

    The 14-day relative power index of 75 reveals that CHZ is near getting into the overbought area. CHZ is up by greater than 37% within the final seven days.

    At press time, CHZ is buying and selling at $0.20 per coin. If the constructive momentum is maintained, CHZ might cross the $0.24 resistance degree for the primary time since April. Within the occasion of an prolonged bullish efficiency, CHZ might commerce above the $0.310 resistance degree over the subsequent few days.





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