Chiliz is up by more than 15% on Tuesday: Here’s why

The cryptocurrency market continues its poor start to the week, but Chiliz has been performing excellently today.

CHZ, the native token of the Chiliz blockchain, is up by more than 15% over the last 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

The broader crypto market has been underperforming since the start of the week. The market has lost more than 3% of its value in the last 24 hours, with the total market cap still above $1.1 trillion.

Bitcoin has maintained its price above $24k after losing less than 1% of its value today, while Ether has dipped below the $1,900 resistance level as it is down by 1.2% in the last 24 hours.

CHZ’s rally can be attributed to the Chiliz team tweeting about its upcoming Pequin update. Pequin is the fifth phase of its Scoville testnet update and will lead to the launch of the CHZ cross-chain bridge.

After the Pequin update, Scoville has only one more update before the mainnet launch, which is slated to happen in the third or fourth quarter of the year.

Key levels to watch

The CHZ/USD 4-hour chart is bullish as Chiliz has been performing excellently over the past 24 hours.

The MACD line is deep within the positive territory, indicating that CHZ is bullish despite the bearish sentiment in the broader cryptocurrency market.

The 14-day relative strength index of 75 shows that CHZ is close to entering the overbought region. CHZ is up by more than 37% in the last seven days.

At press time, CHZ is trading at $0.20 per coin. If the positive momentum is maintained, CHZ could cross the $0.24 resistance level for the first time since April. In the event of an extended bullish performance, CHZ could trade above the $0.310 resistance level over the next few days.