CHZ will extend the rally as bulls look at the $0.06 level
Key receivers
CHZ has gained 7% in the last 24 hours and is now trading above $0.053.
If the bullish trend continues, the cryptocurrency may help towards the $0.060 level.
CHZ reached $0.054 as bulls took control
CHZ, Chile's blockchain native coin, has increased by 7% in the last 24 hours, making it one of the top 100 cryptocurrencies by market capitalization.
The positive performance comes as Chiles continues to expand its fan token lineup ahead of the 2026 FIFA World Cup.
Chiles announced on Tuesday via X that Socios has signed a new national soccer team to launch a fan token, marking the fourth national team following the launches for Argentina, Portugal and Italy.
This recent development has boosted demand for CHZ, raising its market value to more than $550 million.
However, despite the current outlook, CryptoQuant summary data supports a bearish forecast for CHZ. The data shows that both the spot and futures markets are showing signs of retail activity and warming, suggesting that future corrections are possible.
CHZ bulls eye $0.06 among strong technicals
The 4-hour chart of CHZ/USD is very bullish, however, thanks to its rally over the past 24 hours. At press time, CHZ was trading at $0.0533 after successfully closing the daily resistance from $0.039 earlier this year.
CHZ experienced a slight decline at the $0.054 level but may overcome it in the near term. If CHZ continues its uptrend, it could extend its rally to the $0.060 psychological level, with weekly resistance at $0.063 a sweet spot for bulls.
The Relative Strength Index (RSI) on the 4-hour chart reads 66 and is heading into overbought territory. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover, further supporting the bullish view.
However, if CHZ pulls back, it could drop to the daily resistance-turned support level at $0.039.
