Chiliz (CHZ) Records Higher Gains During Market Uncertainty
17 Novembre 2022 - 05:50PM
NEWSBTC
Popular fan token CHZ has printed substantial gains in the last
week as football fans prepare for 2022’s world cup event. As of
writing, the token is trading at a 2.20% gain on the day. Plus, its
week-on-week chart looks green. Specifically, the 34th largest
token by market cap still keeps over 9% gains from last week.
However, the fan-themed token also witnessed a sizeable decrease in
trading volume over the past 24 hours. Approximately $571,090,877
worth of CHZ has exchanged hands in the last day, representing a
38% decrease. The token might see more trades soon as the official
opening match of the world cup is just four days away. Related
Reading: Cosmos (ATOM) Trades Below $13 As Bulls Give Up; Here Are
Levels Bulls Will Buy CHZ To Bail Out Stranded Holders on FTX
Alexandre Dreyfus, CEO of Chiliz, said on Twitter that the company
would set aside 38 million CHZ to assist affected FTX users.
According to the tweet, the company will compensate each victim
with $10,000. The company’s head added that the 38 million CHZ
bailout fund would go to FTX subscribers who couldn’t withdraw
after the exchange’s collapse. However, he mentioned that only FTX
users who owned CHZ on the exchange would receive the $10,000
payout. According to the tweets, the 38 million CHZ indicates the
on-chain amount FTX exchange held in its wallet up to the previous
week. The company’s latest initiative “will be just for
private users and not for institutions,” Chiliz added. However,
“full legal assessment and clearance from the liquidator to send us
the list of users” must first be obtained. On November 12, hackers
stole more than $400 million from the already troubled FTX
exchange. This occurred shortly after the exchange had filed for
bankruptcy, only hours before. Sadly, Dreyfus claims that the
attack resulted in the loss of 37 million CHZ. The Bulls Fueling A
Convincing CHZ Rally – Can They Succeed? After establishing
long-term support in the $0.15 area, the bulls were able to stage a
convincing rally. This recovery brought in a huge 25.5% ROI in just
six days. Meanwhile, in the four-hour time frame, CHZ broke out of
a bullish flag. CHZ climbed back up over the $0.22 resistance after
the pattern break. In addition, both the 20 EMA (red) and the 50
EMA (cyan) were going north and trying to finish above the 200 EMA
(green). The possibility of a bullish crossover may bolster
optimistic short-term outlooks. The sellers may be able to keep the
buyers in check if CHZ’s price breaks the $0.24 resistance level.
The first major support for a bearish reversal, whether it happens
right away or in the future, is between $0.20 and $0.21. A
sustained move over $0.24 would signal buyers are committed to
pushing prices higher. Under these conditions, the first
significant barrier is around $0.27 and $0.29. Related Reading:
Ethereum Price Showing Early Signs of Fresh Drop, But This Support
Is Key The Relative Strength Index’s rise over the 50 levels
indicated a momentum change favoring buyers. The MACD line (blue)
also rose above zero, confirming the bullish RSI reading. If the
orange signal line closes decisively above the zero line, buyers
may try to time their entry. Featured image from Pixabay and chart
from TradingView.com
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