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Chiliz (CHZ) Sees Price Jump After Upbit Exchange's Announcement

Chiliz (CHZ) saw a significant price increase following an announcement by the South Korean cryptocurrency exchange Upbit.

Chiiliz Logo
Chiiliz Logo

Lookonchain tweeted that CHZ prices rose by 10% after the exchange announced the addition of seven new fan tokens, which will only support Chiliz chain recharging. In addition, the tweet stated that whales had begun withdrawing CHZ from Binance.

CHZ Trading at $0.1049 Reaches $0.1153 After Upbit's Announcement

CHZ was trading at $0.1049 before the Upbit announcement but quickly reached $0.1153 within hours afterward. Large withdrawals of CHZ supported this price jump from Binance by whales, including addresses "0xb88e" and "0x1c3a," which withdrew 8,899,972 CHZ ($1.02M) and 9,435,590 CHZ ($1.08M), respectively.

CHZ Shows Momentum Despite Regression Trend Channel

According to a one-week chart, CHZ initially traded in the red zone for the first half of the week, occasionally gaining momentum to enter the green zone. During this time, it reached its lowest price of $0.098. However, the second half of the week saw a shift as the bulls provided momentum for CHZ to remain in the green zone, reaching a maximum of $0.1171. Currently, CHZ is down 4.64% in the last 24 hours and is trading at $0.1079.

CHZ has been able to break above the 200-day moving average (MA) since late November. As shown in the regression channel, CHZ has been trending downwards from Resistance 1 (around $0.18) to almost Support 1 (around $0.09). During the first third of the regression trend channel, CHZ was within the median and lower lines but saw some upward momentum in the second third, fluctuating between the median and upper lines.

If the bulls can gain control of the market, CHZ could test the 200-day MA, and if they can break through it, the coin could reach Resistance 1. However, if the bears take control, CHZ may drop to Support 1.