Chiliz Coin, a cryptocurrency at the core of the sports industry, emerged as a prominent altcoin in 2021, reaching a high of $0.89. However, it later plummeted to $0.053 during the bear market before recovering to above $0.1, forming a golden cross, which is a bullish indicator.
How Does Golden Cross Influence CHZ?
The golden cross formation, a bullish signal in the crypto market, occurs when a short-term moving average crosses above a long-term moving average. This pattern appeared in CHZ recently, indicating a possible price rise. Currently, CHZ, a sports-centric altcoin, is valued at $0.15, experiencing a notable 25% increase over the past week. Significant sporting events play a crucial role in CHZ’s performance, as it tends to rally before such events.
What Impact Will UEFA Euro 2024 Have on CHZ?
The upcoming UEFA Euro 2024 could significantly boost CHZ participation. Investors should consider this potential surge but remain cautious as the excitement might dissipate post-event. Presently, the technical indicators show the RSI at a neutral 51, while the MACD suggests continued growth with the MACD line above the signal line. The next price target for CHZ is $0.165, though Bitcoin‘s potential downward trend poses a risk.
Key Takeaways for Investors
Investors looking into CHZ should keep the following points in mind:
- Golden cross formation indicates a potential bullish trend.
- Sports events like UEFA Euro 2024 can significantly boost CHZ’s value.
- Current technical indicators suggest a possible upward movement.
- Be cautious of Bitcoin’s influence on CHZ’s price.
In summary, Chiliz Coin shows promising signs of growth driven by sports events and favorable technical indicators. However, investors should remain vigilant of broader market movements, particularly Bitcoin’s performance, which could impact CHZ’s trajectory.
