4.16: Bitcoin lacks bullish narratives, CHZ leverages World Cup hype to rise

CHZ has increased by 20% in the past 24 hours and is currently approaching the resistance zone at 0.045 USD. Its emergence during a relatively calm market period indicates that the asset has been sought after and actively bought, and the badge has been waiting for this coin for a long time. Taking this opportunity to recommend it, when there is a basis for initiation, it can be efficiently held.
CHZ is currently hovering around 0.042, below a peak level from March 30, which may cause some selling pressure, leading to absorption of sell orders. This explains the price consolidation and oscillation at this level. However, the current upward trend indicates a positive momentum.
The World Cup, which opened on June 11 this year, is the main catalyst for demand for CHZ sports tokens. Meanwhile, on March 17 last month, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission jointly issued guidance classifying fan tokens as digital collectibles and tools rather than securities. This cleared obstacles for CHZ to be listed on U.S. exchanges and establish partnerships. Currently, CHZ’s penetration rate in the U.S. market is below 15%. This means regulatory clarity, addressing major risks, and opening channels for capital inflow from large U.S. retail institutions. Coupled with the global attention brought by the World Cup, this lays a solid foundation for CHZ’s ultimate development, with prospects for sustained buying pressure and higher price performance.
Let’s talk about CHZ’s structural form. In fact, from the weekly long-term perspective, after peaking at 0.94 in March 2021, it declined steadily. During the World Cup in November 2022, there was an early speculative rally months ahead, followed by continued retracement, even during Bitcoin’s recent bull market, with little improvement. The price fell from 0.94 to a low of 0.027 USD at the end of last year, a decline of 97%, indicating a very strong downtrend. Therefore, considering the lowest point of 0.027 and the mid-January price of 0.064, the main force’s average cost basis for bottom-building was close to 0.040 USD. Participating in CHZ at the current level means lower risk, with a significant advantage in chip price. Additionally, since the current crypto bear market cycle lacks enthusiasm, CHZ leverages the World Cup’s appeal to more easily become a hot spot for collective buying. After all, traders’ spot and long positions have been suppressed for too long.
Looking at the daily chart, the price surged by 130% from December 18 last year to January 17 this year, over a full month, from 0.028 to 0.064 USD, during which most mainstream coins did not show significant gains. Instead, CHZ performed very actively, indicating a possible main force accumulation. Although a decline followed, Bitcoin also experienced a drop during the same period, which was caused by the release of sell pressure. From the action, the main force has actively bought chips and is now waiting for the right moment to speculate.
The current daily price is at a resistance peak of 0.045, which is at a stage rebound high from March 30 and February 15. This needs to absorb the trapped positions in this zone before further pushing higher to the next resistance at around 0.055, which is a stage high from late January this year, in the 0.055~0.065 zone. This zone is a strong resistance area, likely to cause a prolonged stay. Therefore, the current price of 0.042 still has about 30% short-term profit potential.
Regarding World Cup hype, the badge believes the price will surpass this year’s 0.065 level and then push towards 0.10 or even higher, as main force accumulation usually involves pulling the average price more than double to create enough sell volume. Overall, for friends who want to participate in spot trading, CHZ has already shown a countertrend rally and active upward movement yesterday, indicating it is in the initiation stage and suitable for participation. For entry, it is recommended to buy within the 0.0400-0.0420 range, with brave re-entries below 0.0370. The first target is 0.0530, and near the World Cup opening, 0.090 is a potential target.