Chiliz (CHZ) gains spotlight once again due to the upcoming PEPPER airdrop, attracting significant interest among traders. The article discusses past market trends and examines the impact of current events on CHZ price.

Market Background and Previous Trends

Chiliz showed substantial growth from $0.01 to $0.73 in the first quarter of 2021 but has been under bearish trend pressure since then. Despite changes in market dynamics, the price level hasn't risen above $0.2 since 2023.

PEPPER Airdrop and Its Impact on CHZ

The PEPPER airdrop for CHZ holders is creating market buzz. Binance is offering 150 PEPPER for each CHZ held by users with a minimum of 100 CHZ tokens. Previous airdrops like ARB, BLUR, HMSTR have spurred interest, and the upcoming airdrop is expected to continue this trend.

Technical Analysis and CHZ Prospects

Long-term price chart suggests the token is trying to halt the descending trend within a parallel descending channel. Technical indicators are starting to show bullish reversal signs: weekly RIS indicates a bullish reversal, MACD has turned bullish for the first time since April 2024, lower Bollinger bands have flipped, and DMI is ready for a bullish crossover. This could suggest CHZ may achieve $0.1175, but a potential long-term bullish trend will be confirmed only after breaking out of the current channel.

Chiliz may experience a consolidation phase following current market trends. The PEPPER airdrop might be a catalyst for changing market dynamics and potential price growth, but it remains uncertain if CHZ can overcome its current downtrend.