Chiliz Coin: A Rising Star in the Cryptocurrency World

Chiliz, a prominent altcoin in 2021, gained significant attention as it reached a peak value of $0.89. Despite a decline to $0.053 during a bear market phase, the coin rebounded and exceeded $0.1, forming a notable golden cross pattern.

Understanding the Golden Cross in CHZ

The golden cross, a bullish signal in the realm of cryptocurrencies, occurs when a short-term moving average intersects above a long-term moving average. Such a pattern emerged in CHZ recently, hinting at a possible upward trend.

Presently, CHZ is valued at $0.15, recognized as a sports-centric altcoin. Notably, it demonstrated a remarkable 25% surge in value over the previous week. The coin's growth often correlates with major sports events, rising in anticipation before such occasions.

Impact of UEFA Euro 2024 on CHZ Price

The impending UEFA Euro 2024 tournament could influence CHZ significantly, attracting substantial interest from investors. While this presents an opportunity, investors should remain cautious as the championship concludes, potentially leading to a decline in excitement and CHZ value.

Analyzing technical indicators reveals a neutral RSI of 51, indicating a balanced stance between buying and selling. Additionally, the MACD indicator illustrates a positive trend with the MACD line positioned above the signal line for CHZ, suggesting a path of sustained growth. However, reaching the $0.165 target may be hindered by adverse movements in Bitcoin's value.

This analysis highlights the growth potential of Chiliz Coin, particularly in the context of sports-related developments.

This analysis was originally published on COINTURK NEWS. Click here to view the original post