Chiliz’s native token CHZ joined the mid-week crypto party, recording uptrends alongside most digital tokens. Meanwhile, CHZ recorded an attractive 36% upsurge within three days.
The altcoin bottomed near $0.099 on July 26 before buyers flipped the narrative the following day, embarking on massive upside action. The uptrend pushed CHZ towards the $0.137 high, the highest price mark since June 2022 first week.
Too Hot to Handle?
The rally had the alt’s price inside June’s resistance area, and the retest had led to a brief retracement on the price chart. That’s visible as the massive bullish run-up pushed CHZ price into the overbought region (according to the Relative Strength Index).
CHZ’s actions since mid-June exhibited low volumes compared to April-May performance. It remained a contrasting performance considering the sharp price decline and massive selling momentum, especially during May’s sessions. Nevertheless, the recent uptick reflected the past volatility that exhibited enormous volumes and sturdy price changes.
Chiliz’s price surged saw the asset’s market capitalization increasing substantially from under $600 million on July 26 to July 29’s $808 million. Also, surges in social dominance amidst the timeframe supported the market cap uptick.
Chiliz’s rally led to a 0.19% decline in exchange supply. Nevertheless, this metric recorded revival to its previous zone within no time. That confirmed the downward actions after the price touched the resistance level on the CHZ’s charts.
Meanwhile, the crypto market remains shaky, and traders should navigate carefully. Risky assets aren’t safe now that the economy has entered recession. Also, some analysts emphasized that the ongoing rally doesn’t have legs, predicting crashes to previous lows and potentially lower. Also, a wait-and-watch strategy could work.
Final Thought
CHZ remains at the bottom of the recent bear market despite the coin’s latest upsurge. Meanwhile, its bullish performance affirmed strong demand behind the altcoin, especially amid discounted prices.
Nevertheless, that doesn’t imply prices won’t correct to past lows and even lower. Furthermore, investors should adopt caution, especially with the US economy in recession. Chiliz investors can watch broad market sentiment to ensure profitable bets.
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