In the crypto market, a notable shift has been observed as Bitcoin‘s recent downturn influenced the general trajectory of altcoins. Amidst this change in market dynamics, Chiliz (CHZ) has emerged as a standout performer, successfully hitting its anticipated target price. Investors have shown keen interest in these lower market cap altcoins, speculating on their potential to yield significant returns.
Chiliz (CHZ) Gains Amid Market Turbulence
Chiliz, the digital currency associated with sports fan engagement, witnessed a surge in investor interest following the announcement of its Tokenomics 2.0, which features a token burn mechanism. This development fueled a price increase, leading Chiliz to breach the $0.14 mark, a target long in focus by market analysts. An upward trend was initiated in mid-January, with the momentum building on the back of successive closures above $0.085. CHZ’s recent peak nearly accomplished a 61% gain, a bullish signal for future price movements.
Should CHZ maintain closures above $0.14, the rally may extend towards the $0.17 threshold. Medium-term targets at $0.2 and $0.27 also remain in sight. Nevertheless, Bitcoin’s struggle to hold the $51,000 level, coupled with expected low weekend trading volumes and profit-taking by investors, hints at the possibility of a short-term reversal.
Other Altcoins Show Mixed Performance
CEEK Coin is projected to face further declines, though it has managed to stay afloat above the $0.05 support level. A breach of this threshold could lead CEEK towards support areas at $0.048 and $0.044, with a potential fall to all-time lows if the downtrend intensifies.
Additionally, the impending extradition of Terra founder Do Kwon to the United States has cast a shadow over LUNA Coin. Following the official announcement, LUNA’s price experienced a dip, reaching a recent low of $0.63. If the trend continues and the price closes below $0.64, LUNA might be headed for lows between $0.55 and $0.388.