Chiliz (CHZ) Rises by 10% After Upbit Exchange’s Announcement

• Lookonchain tweeted that CHZ prices rose by 10% with Upbit’s announcement.
• CHZ trading at $0.1049, rose to $0.1153 within hours after the announcement.
• CHZ gains momentum mid of the regression trend channel.

Lookonchain tweeted that the price of CHZ rose by 10% after South Korean cryptocurrency exchange Upbit announced the addition of seven new fan tokens and only supports Chiliz chain recharge. Moreover, the tweet stated whales had begun to withdraw CHZ from Binance.

Notably, Lookonchain specifically stated that Address “0xb88e” withdrew 8,899,972 CHZ($1.02M) and address “0x1c3a” withdrew 9,435,590 $CHZ($1.08M).

Notably, CHZ which was trading at $0.1049, reached $0.1153 within hours after the Upbit’s announcement.

As per the one-week chart shown below, CHZ was trading in the red zone during the first half of the week. However, it occasionally gained some momentum to enter the green zone. While CHZ was in the red zone, it reached its lowest price of $0.098.

The second half of the week was different from that of the first, as the bulls gave momentum for CHZ to remain in the green zone. During this time, CHZ reached 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 MA since late November. As shown in the regression channel in the chart below, CHZ has been tanking from Resistance 1 (≈$0.18) to almost Support 1 (≈$0.09).

In the first third of the regression trend channel, CHZ was within the median line and the lower line; however, toward the second third of the channel, the price gained some momentum and fluctuated between the median and the upper line.

If the bulls gain control of the market, CHZ could test the 200-day MA, and if the bulls are able to break the 200-day, then CHZ could reach Resistance 1. However, if the bears take control of the market, CHZ could tank to Support 1.

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