Chiliz has been on a bullish trend in the last 24 hours. During this time, CHZ has gained by 2.8%, trading at $0.254 at the time of writing. Chiliz has been bullish due to the FIFA World Cup 2022 in Qatar.
Chiliz price analysis
Chiliz has been one of the most-traded tokens in the last 24 hours, reaching trading volumes of over $1.3 billion. The fan token’s volatility is mild, given that in the last 24 hours, it has traded between the $0.24 and $0.27 levels. Chiliz’s market capitalization has also increased, and it now ranks as the 36th largest crypto with a market cap of $1.36 billion.
During the recent daily gains, CHZ was rejected at the $0.27 level and currently holds support at $0.25. If the token continues gaining attention, it could break past the $0.27 level again, and $0.30 could be in sight.
Chiliz is one of the strongest altcoins, making it an attractive buy for short-term traders looking to book profits. If this bullish momentum is sustained in the four weeks of the FIFA World Cup event, CHZ could likely rally to $1.
The CHZ token has a Relative Strength Index of 48, indicating a neutral zone between the overbought and the oversold regions. As the bears and bulls continue fighting for control, CHZ will likely continue holding support at $0.25.
What is causing Chiliz gains?
There are multiple factors triggering the bullish outlook for Chiliz. The most obvious is the FIFA World Cup which is now less than a day away. It is anticipated that Chiliz and other fan tokens will witness a notable gain as this event starts.
On the other hand, the CEO of Chiliz, Alexandre Dreyfus, recently announced that the Chiliz chain 2.0 would be released in a few weeks. He also added that after this new chain is launched, Chiliz would evolve from being a token to a network. The excitement around this launch could strengthen the bulls.
Crypto traders are also investing in this token
Fan tokens are not the only ones attracting attention from the crypto community. The Dash 2 Trade platform is amassing a lot of support. This new project has the potential to rally 10x because of its robust fundamentals.
The recent collapse of the FTX exchange has resulted in unprecedented events across the crypto market, and many traders have been left counting losses. The situation has created the need for an intelligence platform to help novice and experienced traders avoid a similar situation such as the one caused by FTX.
According to its whitepaper, Dash 2 Trade is a platform that will equip crypto traders with the best real-time market analytics and social trading data that will help them to make informed trading decisions and increase their chances of making profits.
The Dash 2 Trade presale is attracting much interest and has already raised more than $6.55 million. The D2T presale is in the third stage, where investors are buying 1 D2T for $0.0513. The price will increase to $0.0533.
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