Chiliz, the largest blockchain network for sports and entertainment, surged to its highest point in three months.
The Chiliz (CHZ) token broke a crucial resistance, reaching an intraday high of $0.072, its highest level since July 22. It has risen by over 66.50% from its lowest point this year.
Its rebound has coincided with the resurgence of most fan tokens. OG Fan Token (OG), the largest fan token, has surged by over 213% in the last seven days, giving it a market cap of $33.42 million.
Alpine F1 Team Fan Token (ALPINE) has rallied by 43%, while the Santos FC Fan Token (SANTOS) has jumped by 41% in the same period. According to FanMarketCap, all fan tokens have accumulated over $313 million in market cap.
The CHZ token also rose as investors awaited the upcoming Pepper airdrop, scheduled for Oct. 10.
𝗣𝗘𝗣𝗣𝗘𝗥 𝗔𝗜𝗥𝗗𝗥𝗢𝗣 🪂🎁
Get ready for the hottest fair launch coin – PEPPER! 🌶️
⭐ Fair Launch: No pre-minting, no ICO – everyone starts on equal footing.
⭐ Community Driven: Built by the #PepperPeople.
⭐ Snapshot Date: October 10th, 00:00 UTC#Airdrop ⚡ $CHZ— Chiliz – The Sports Blockchain ⚽🏆 (@Chiliz) October 2, 2024
Pepper will be the first meme coin on the Chiliz Blockchain. According to its website, its purpose and utility remain a mystery. Instead, it has been created by the community to “take the reins and ride.”
The airdrop comes at a time when the meme coin industry is booming, with all tokens tracked by CoinGecko having a market cap of over $53 billion. Some of the most notable performers are Popcat (POPCAT), whose market cap rose to $1 billion recently, and Neiro (NEIRO), which has surged by over 7,000% in the past few weeks.
You might also like: Neiro meme coin is firing on all cylinders; nears $1b market cap
Chiliz token flips key resistance
Chiliz price chart | Source: TradingView
The Chiliz token has bounced back from $0.043 in August to $0.07. It flipped the important resistance point at $0.0715, its highest swing on Sept. 27, into a support level. By doing so, it invalidated the double-top chart pattern that had been forming.
CHZ has also risen above the 50-day and 100-day Exponential Moving Averages, indicating that bulls are gaining control.
Therefore, Chiliz may continue rising, with the next reference level to watch being $0.084, its lowest swing on April 13.
You might also like: EIGEN has formed a bullish pattern, but two risks remain
Read the full article here
