Chiliz (CHZ), the token powering the sports-focused blockchain ecosystem, has defied recent bearish predictions and continued its upward trajectory. Contrary to an earlier analysis suggesting a potential dip to $0.05, CHZ has rallied 2.49% in the past 24 hours and is up 27.7% over the past week.
In a significant regulatory development, Chiliz announced it has joined the MiCA Crypto Alliance. The alliance is focused on supporting the review and iXBRL conversion of crypto white papers, aiming to bring consistent and standardized regulatory documentation across the Chiliz and fan token ecosystem. This move underscores the project's commitment to compliance as the European Union's Markets in Crypto-Assets (MiCA) regulations take shape.
From a technical perspective, analysts are mapping a path toward $0.1. Crypto trader IncomeSharks noted on X that the On-Balance Volume (OBV) was "explosive" during CHZ's recent breakout past the $0.05 level, which had acted as a nearly year-long supply zone. The daily chart shows strong conviction with the Money Flow Index (MFI) above 80 and average trading volume steadily rising over the past month.
The immediate target for bulls is the supply zone between $0.064 and $0.072, a level from February 2025. A breakout past this region is seen as presenting another buying opportunity for swing traders. While the Accumulation/Distribution (A/D) indicator hints at a possible bearish divergence that could yield a minor price dip, a major retracement below the $0.035-$0.040 support area is considered unlikely based on current evidence.
Traders are advised to be wary of short-term volatility, however. Liquidation maps from CoinGlass show clusters of high-leverage long positions below the current market price of ~$0.058, which could incentivize a short-term liquidity hunt toward $0.05. Despite this, the higher timeframe bias remains bullish following the key breakout. The bullish structure would only be invalidated on the daily chart if the price were to drop below $0.027.
