CHZ extends rally as bulls eye the $0.06 level

Key takeaways

CHZ is up 7% within the final 24 hours and is now buying and selling above $0.053.
The cryptocurrency might rally in the direction of the $0.060 degree if the bullish development continues.

CHZ hits $0.054 as bulls take management

CHZ, the native coin of the Chiliz blockchain, is up 7% within the final 24 hours, making it among the best performers among the many high 100 cryptocurrencies by market cap. 

The constructive efficiency comes as Chiliz continues to develop its Fan Token lineup forward of the 2026 FIFA World Cup.

Chiliz introduced by way of X on Tuesday that Socios has signed a brand new nationwide soccer workforce to launch a Fan Token, following launches for Argentina, Portugal, and Italy, marking the fourth nationwide workforce. 

This newest growth has boosted the demand for CHZ, pushing its market cap above $550 million. 

Nonetheless, regardless of the present outlook, CryptoQuant’s abstract knowledge helps a bearish forecast for CHZ. The information exhibits that each spot and futures markets are displaying indicators of retail exercise and overheating, suggesting a possible correction forward.

CHZ bulls eye $0.06 amid sturdy technicals

The CHZ/USD 4-hour chart is bullish however inefficient because of its rally within the final 24 hours. At press time, CHZ is buying and selling at $0.0533 after efficiently closing above the each day resistance of $0.039 earlier this yr. 

CHZ has encountered a slight rejection across the $0.054 degree however might overcome it within the close to time period. If CHZ continues its upward development, it might lengthen the rally towards the $0.060 psychological degree, with a weekly resistance at $0.063, an fascinating space for the bulls. 

The Relative Power Index (RSI) on the 4-hour chart reads 66 and is heading into the overbought area. The Transferring Common Convergence Divergence (MACD) additionally confirmed a bullish crossover, additional supporting the bullish view.

Nonetheless, if CHZ faces a pullback, it might dip in the direction of the each day resistance-turned assist degree at $0.039.