While there was an active day in the crypto money market, Chiliz (CHZ) was one of the crypto currencies that attracted attention with its rise. Why is CHZ rising, which has been rising sharply in the last 24 hours?
CHZ is up about 5.6 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?
To understand why Chiliz has risen, we can look at the recent news feed. Chiliz (CHZ) recently announced the launch of the latest Scoville Testnet Phase 4. With this new development, the Chiliz network is one step closer to Chiliz Chain 2.0, which will help the network make existing Chiliz more open and interoperable.
Shortly after the testnet went live, the price of CHZ reacted to this by rising. The altcoin has gained about 5 percent in the last 24 hours.
Besides, CHZ was resisting at the $0.19 level for about two weeks. Fortunately, at the time of writing, CHZ broke this resistance and pointed to a price increase. In addition, the MACD recorded a bullish crossover, increasing the possibility of a price increase.
Similarly, the Money Flow Index (MFI) took a bullish turn and broke above the neutral mark, which is yet another bullish signal.
However, even though the 20-day Exponential Moving Average (EMA) was above the 90-day EMA, the gap seemed to have narrowed, which may limit the price of CHZ to rise in the short term.
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