As the cryptocurrency market continues to struggle amid a bear market situation, few cryptocurrencies are capturing the market’s attention with an impressive rally. One of those cryptocurrencies that managed to capture the attention of the market during a bearish phase is the Chiliz (CHZ) cryptocurrency.
Malta-based platform CHZ is primarily the world’s leading blockchain fintech provider for sports and entertainment. Powered by Socios.com, CHZ crypto powers blockchain technology to increase engagement between fans and their favorite sports teams. Fans can purchase Fan Tokens of their favorite teams using the CHZ token and customize them for a real-world experience.
The CHZ cryptocurrency on Aug. 16 rallied 13.70% as of 10:40 a.m. (GMT +1), according to CoinMarketCap. Additionally, the token was also seeing a decent volume gain of 70.78% at the time of writing.
Why is CHZ crypto rallying?
Chiliz crypto is witnessing a rally on Tuesday due to a variety of factors. Its bull run lately for the past 30 days aside, CHZ crypto has been making noise on the partnerships front.
Soccer giant FC Barcelona last week announced a multi-million dollar partnership with Socios.com. Following the announcement, Chiliz is also expected to invest €100 million to acquire nearly a quarter of Barca Studios.
Also, on August 16, leading exchange ByBit announced its Fan Token Kickoff, which will be powered by CHZ cryptocurrencies. The Fan Token Kickoff appears to be a contest that will run from August 19 to September 2, in which users will have a chance to win approximately 200,000 USDT as a prize.
The news seems to have lifted the spirits of Chiliz investors with the token’s RSI bouncing to 79.63, indicating that it was in an overbought position during the intraday trading session.
Image Credit: Business View
The MACD also showed strong momentum with an increasingly strong rally as the signal line continued below the MACD line on Tuesday.
The current performance of the Chiliz token has also been helped by the fact that, for the last 30 days, it has been in the bullish phase, registering gains of more than 88.6%. Even during the last week, Chiliz has gained more than 36%.
How is CHZ crypto doing?
The 47th-ranked cryptocurrency Chiliz was trading at $0.206744 on Tuesday with a trading volume of $68,61,15,761, according to CoinMarketCap. Chiliz crypto boasted a live market cap of US$1,24,05,41,340 with 6,00,03,87,493 CHZ coins in circulation.
While the rally can be impressive, it is important to note that after such a rally, the market often returns to the market correction phase. Therefore, one must study the trends and do their respective market research before making big investment decisions.
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