It’s an airdrop season! Before any airdrop, the platform receives huge attention as the traders jump in to accumulate at discounted prices. A similar trend has been observed as yet another airdrop is making huge rounds within the markets. Chiliz, which displayed a remarkable rise from $0.01 to as high as $0.73 in Q1 2021, has been stuck under a deep bearish trend since then. Meanwhile, the rise in market dynamics also failed to elevate the range above $0.2 since 2023.
The market dynamics have changed as traders are now more interested in airdrops, as PEPPER airdrop has been announced for the CHZ holders and the 1st snapshot could be taken anytime from now. Binance has offered 150 PEPPER for each CHZ coin for the holders who hold a minimum of 100 CHZ tokens. The recent airdrops like ARB, BLUR, HMSTR, etc. and a few more have created huge hype across the markets. Therefore, the upcoming airdrop is also believed to create a similar aura.
Now that the CHZ price has surged following the PEPPER airdrop, will the rally be short-lived? Will the price plunge back by 10% as it is failing to rise above the crucial resistance?
The long-term price chart suggests the token is stuck within a descending parallel channel and trying hard to halt the descending trend. The latest rise in the price has elevated the levels but the bulls are finding it difficult to raise the levels beyond the crucial resistance between $0.07 and $0.075. This may suggest the prevailing bearish pressure over the token but the technicals have begun to flip, which is a bullish indicator.
The weekly RIS has triggered a bullish reversal while the MACD has turned bullish for the first time since April 2024. The lower Bollinger bands have also flipped and the DMI levels are ready for a bullish crossover. Therefore, these indicators suggest the CHZ price may eventually rise and reach $0.1175, post to which the trend remains pretty hazy. However, a rise above the descending parallel channel in the long term may only validate the beginning of a strong bullish trend. Until then, the Chilliz price may continue to consolidate within the pattern.
Source: https://coinpedia.org/price-analysis/pepper-airdrop-turns-traders-optimistic-on-chz-price-can-the-bulls-hold-the-rally-above-the-gains/