Why Is Chiliz (CHZ) Price Up?

Chiliz (CHZ) has seen a sharp rise in value lately, increasing by nearly 20%. Several factors contribute to this upward trend, including a notable technical analysis and a new airdrop announcement. 

Per data from CoinGecko at press time, CHZ trades at $0.07208. The token has risen by 2.33% over the day and a more substantial increase of 21.07% over the week.

Analyst Alex Clay shared his insight on Chiliz’s (CHZ) chart, suggesting a bullish outlook. According to Clay’s tweet, $CHZ has completed a 95.5% correction, a common occurrence for altcoins in a bear market. 

His analysis centers on a descending accumulation pattern, a technical formation indicating that the coin may have bottomed out after an extended decline.

Chiliz Price Analysis

The chart by Alex Clay shows that CHZ bounced from a confluence zone, where the lower boundary of the accumulation channel and a key support level around $0.0590 intersected. This bounce suggests renewed buyer interest, setting the stage for a potential upward breakout

Clay set three price targets for CHZ: a mid-term target of $0.1880, a long-term target of $0.3890, and an optimistic target of $0.6040. Moreover, Clay’s analysis also highlights the role of Fibonacci retracement levels in predicting future resistance zones for $CHZ. 

Notably, the 50% and 61.8% Fibonacci levels align with his long-term and moonbag price targets. This technical indicator reinforces confidence in his projections. The chart also shows that Clay entered a position near the bottom, indicating his belief that $CHZ has likely found its floor within the accumulation zone.

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Read also: Why Is Uniswap (UNI) Price Pumping?

PEPPER Airdrop and Binance Support

In addition to the technical setup, Chiliz has seen interest due to the announcement of an airdrop for PEPPER, a new token supported by Binance. The official Chiliz X account confirmed that the airdrop is scheduled for October 10th. 

This news, also shared by @AltCryptoGems, has further fueled $CHZ’s recent price movement, as investors anticipate the airdrop and potential future developments.

The combination of a strong technical outlook and a high-profile airdrop has led to increased buying activity for $CHZ.  Watching whether the price can break out of its accumulation phase and achieve the mid- and long-term targets outlined by analysts like Alex Clay will be worth a look. 

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

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