Chiliz (CHZ) was one of the cryptocurrencies that attracted attention with its rise today, after a small decrease after the rise following the increase in the crypto money market value. Why is CHZ rising, which has been rising sharply in the last 24 hours?
CHZ is up nearly 14 percent in the last 24 hours, according to data from CoinGecko. With this rise, CHZ has taken a place in the list of the highest risers. So why is CHZ rising? What is the reason for the rise in CHZ? Let’s try to find it together in this article.
Why Is Chiliz (CHZ) Rising?
It is the Chiliz (CHZ) ERC-20 token released by Socios.com in 2018 and runs on the Ethereum network. Chiliz (CHZ) Blockchain allows its users to interact and monetize between entertainment and sports organizations and their audiences. Aiming to build a bridge between e-sports and sports clubs and their fans with Blockchain, Chiliz (CHZ) contributes to the fact that the fans have a say in many issues such as who the best player will be chosen, club products and jersey design.
When we look at the chart of CHZ, we see a corrective upward trend for a while. As of writing, Chiliz is trading at $0.19. Fibonacci data shows $0.22 and $0.17 support and $0.22 resistance in CHZ. The price level in CHZ continues to move around the strong resistance of CHZ at $0.22.
The increasing interest of investors due to the upcoming world cup, newly released fan tokens and the world cup can be shown as the reason for this rise in CHZ. It should also be noted that the ChilizX platform received an update yesterday.
⚡️TOP #NFT Projects by Social Activity
31 October 2022$SPKY $TTC $FLOKI $XTZ #XTZ $CHZ $SHM $RARE $GMT $VRA $AXS pic.twitter.com/YM5hguR3HC— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 31, 2022
In addition, CHZ ranks 4th among the most active NFT communities according to CryptoDep data as of today.
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