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.

Chiliz (CHZ) has seen a sharp rise in value lately, increasing by nearly 20%. Several factors contribute to this upward trend, including a 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.

#CHZ/USDT$CHZ bounced off the confluence of Key Zone + Bottom of Descending Accumulation👀 Coin looks awesome!

-95.5% Correction is done (classic for majority of coins in a bear market)

✅Bottomed out

✅I am entering at the bottom🚀🎯mid-term target – 0.1880$

🎯long-term… pic.twitter.com/CuW8230J7b

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.

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.

ON THE RISE?! @Chiliz has risen by almost 20% and it’s due to a few big factors. New airdrop announcements of $PEPPER! This $PEPPER coin is being supported by @binance which has given massive investor interest. What’s next for $CHZ?

Source: @CoinMarketCap pic.twitter.com/PFTo2ayPB7

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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