CHZ is up by 3.5% today as the broader market retraces

Chiliz is one of the best-performing cryptos amongst the top 50 cryptocurrencies in the market today.

CHZ, the native token of the Chiliz network, is one of the top performers amongst the leading 50 cryptocurrencies by market cap. CHZ has added more than 3.5% to its value over the last 24 hours. 

The positive performance comes as the broader crypto market underperforms. The broader crypto market has lost more than 2% of its value over the past few hours. As a result, the total crypto market cap is now around $975 billion.

Bitcoin, the world’s leading cryptocurrency, is down by 1.7% so far today and risks dropping below the $20k psychological level if the trend continues. Ether is down by 3% and is currently trading at $1,551 per coin.

CHZ’s positive rally comes after the Chiliz exchange announced its support for the upcoming Ethereum Merge. 

The team said in the event of a new chain fork/token, they will evaluate whether to support the distribution and withdrawal of the forked tokens if they meet the exchange’s requirements. 

The Chiliz team will announce the timeline for such supported tokens if required in a separate announcement.

Key levels to watch

The CHZ/USD 4-hour chart remains bearish despite Chiliz performing positively over the last 24 hours. CHZ has been underperforming in recent days, but its technical chart is now improving.

The MACD line remains below the neutral zone, indicating that the bears are still in control. However, it could enter the positive region if the positive momentum is sustained. 

The 14-day RSI of 49 shows that CHZ is no longer in the oversold territory. At press time, CHZ is trading at $0.2092 per coin. If the rally continues, CHZ could surge past the first major resistance level at $0.2343 today.

However, it would need the support of the broader crypto market to surpass last week’s high of $0.2625.

The broader market remains bearish, and this could affect CHZ’s performance in the near term. CHZ could lose the $0.1954 support level before the end of the day if the bearish sentiment thickens in the broader crypto market.