Chiliz’s native cryptocurrency CHZ was not left behind as the market surprisingly switched in favor of a strong mid-week rally. In fact, CHZ managed to pull off an impressive 36% uptick in just three days.
CHZ bottomed out at $0.099 on 26 July before the bulls flipped the script the next day and embarked on a strong charge. The aforementioned hike pushed CHZ as high as $0.137 – Its highest price level since the first week of June this year.The rally placed the altcoin’s price within June’s resistance zone. This retest has already resulted in a slight retracement on the charts.
CHZ’s price uptick was backed by a substantial increase in its market cap from just below $600 million on 26 July to $808 million on 29 July. This sharp incline was also supported by spikes in CHZ’s social dominance during the same period.CHZ’s rally resulted in a 0.19% drop in the total supply on exchanges. However, the same metric soon registered a recovery to its previous level.Source: SantimentDespite its latest upside, CHZ is still within the bottom range of the latest bear market.
However, it does not necessarily mean that prices will not retrace to previous lows or potentially lower levels. In fact, investors should move cautiously, especially now that the market is in recession.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »