Chiliz [CHZ] may be ready for a spicy bullish explosion going by this data
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Chiliz’ CHZ joined the list of the top best performing cryptocurrencies as the weekend rolled in. It managed to pull off a rally by as much as 8.3% in the last 24 hours. This performance would normally be considered mundane in the crypto world but it is trading against the overall market direction.
CHZ’s performance is noteworthy because it is among the few cryptocurrencies currently overcoming the prevailing bearish conditions. Chiliz announced on 15 September that it is about to launch a new fan token. This announcement may have provided a confidence boost among investors.
Technical factors also played a heavy hand in CHZ’s bullish uptick. The cryptocurrency had an overall bearish performance the entire week. Furthermore, its price dropped from a weekly high of $0.22 to a weekly low of $0.178. This bearish retracement resulted in a support retest at $0.18 which acted as a psychological buy zone.
At press time, the price of the token stood at $0.21. The Relative Strength Index (RSI) treaded above 50, thus indicating a buying pressure in the works. CHZ’s performance during the week also confirmed that sell pressure was lower as compared to the previous support retest a week prior. These observations confirmed a stronger relative strength in CHZ’s price action this week.
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