The exceptionally good price performance of Chiliz (CHZ) has some suspicious signs
Despite the current market correction, Chiliz has once again shown that it is one of the assets on the market that moves the most autonomously. In the previous 24 hours, the token’s value increased by more than 10%.
CHZ/USD 4-hour chart | Source: TradingView
Chiliz (CHZ) at Top of Crypto Market with 8.2% Growth
Since the end of July, CHZ has had a sharp increase in trading volume, which is consistent with the token’s sharp price rise. Market data indicates that the rise was entirely organic, and we haven’t detected any token speculation.
On Aug. 23, CHZ supposedly topped out at $0.26, considering the volume profiles and movement of funds: traders are slowly getting away from the token, and the main reason could be tied to general tendencies in the cryptocurrency market.
According to moving averages, CHZ has successfully entered the uptrend, which has been confirmed by the 50- and 200-day EMA cross. Despite moving in the local downtrend for the last two weeks, the asset still has enough power to bounce off the local support level.
In the last few months, CHZ’s price-performance was outstanding, considering the overall situation in the market. The main reason could be tied to the fundamental value of the token that connects sports fans with their favorite teams with the help of blockchain technologies.
The series of important partnerships and upcoming major sporting events has always been considered strong growth factors for projects similar to Chiliz. Unfortunately, there are some signs of speculation during the most recent rally considering the absence of fundamentally important news around the project.
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