Chiliz, the largest blockchain network for sports and entertainment, surged to its highest point in three months.

Chiliz Token Breaks Crucial Resistance

The Chiliz (CHZ) token recently broke a significant resistance, reaching an intraday high of $0.072, its highest level since July 22. This marks an impressive rise of over 66.50% from its lowest point this year.

This rebound coincides with the resurgence of various fan tokens. For example, the OG Fan Token (OG), the largest fan token, has surged by over 213% in the last seven days, achieving a market cap of $33.42 million. Similarly, the Alpine F1 Team Fan Token (ALPINE) has rallied by 43%, while the Santos FC Fan Token (SANTOS) has jumped by 41% during the same period. According to FanMarketCap, all fan tokens have collectively accumulated over $313 million in market cap.

Upcoming Pepper Airdrop

The CHZ token also rose as investors anticipated the upcoming Pepper airdrop, scheduled for October 10. Pepper will be the first meme coin on the Chiliz Blockchain. Although its purpose and utility remain undefined, it has been created by the community to “take the reins and ride.”

PEPPER AIRDROP 🪂🎁 Get ready for the hottest fair launch coin – PEPPER! 🌶️ Fair Launch: No pre-minting, no ICO – everyone starts on equal footing. Community Driven: Built by the #PepperPeople. Snapshot Date: October 10th, 00:00 UTC #Airdrop ⚡ $CHZ

The airdrop comes at a time when the meme coin industry is booming, with all tokens tracked by CoinGecko collectively having a market cap of over $53 billion. Some notable performers include Popcat, with a market cap that recently rose to $1 billion, and Neiro, which has surged by over 7,000% in recent weeks.

Chiliz Token Technical Analysis

The Chiliz token has bounced back from $0.043 in August to $0.07. It successfully flipped the critical resistance point at $0.0715, its highest swing on September 27, into a support level. This move invalidated the double-top chart pattern that had been forming.

Additionally, CHZ has risen above the 50-day and 100-day Exponential Moving Averages, indicating that bulls are gaining control. Therefore, Chiliz may continue its upward trajectory, with the next reference level to watch being $0.084, its lowest swing on April 13.

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