Chiliz (CHZ) records an increase of over 3% at the time of writing on Thursday, recovering after two consecutive correction sessions and continuing to consolidate the main upward trend. Notably, demand for the CHZ token from investors holding large wallets—commonly referred to as “whales”—has been significantly increasing since the beginning of the year. However, Chiliz’s technical outlook still shows mixed signals as the price approaches a key resistance zone, an area that has repeatedly limited upward momentum in January, after a strong breakout of 40% in December.
Whales’ interest surges ahead of the 2026 World Cup
During the 2022 World Cup, the wave of launching official Fan Tokens and NFTs greatly expanded the Chiliz ecosystem, providing a significant boost to the value of CHZ. Moving into a new phase, this blockchain dedicated to sports is gradually regaining growth momentum as the FIFA World Cup 2026 is expected to return to the US in June. This global event is anticipated to spark increased interest and participation from US investors in the Chiliz ecosystem in the near future.
From an on-chain data perspective, “whales” continue to quietly accumulate CHZ, despite the token having decreased by 48% last year—marking the fourth consecutive year of decline. Specifically, investor groups holding between 100 million and 1 billion CHZ increased their ownership share to 5.23% of the total on-chain supply, a significant rise from 3.84% recorded on January 1. Meanwhile, the group holding over 1 billion CHZ remains stable at 65.12%—a silent signal but one that indicates long-term confidence still exists.
CHZ supply distribution data | Source: Santiment## Chiliz’s recovery momentum faces a crossroads below the psychological level of 0.0500 USD
Chiliz is approaching an important resistance zone at 0.04635 USD—the most recent test level on Monday—and has been continuously restrained since late July. In a successful breakout above this level, CHZ is likely to extend its upward momentum toward the psychological threshold of 0.0500 USD.
The positive outlook is reinforced as the 50-day (EMA) moving average crosses above the 100-day EMA, forming a “golden cross”—a signal indicating that short-term bullish momentum is prevailing.
Daily CHZ/USDT chart | Source: TradingViewHowever, technical indicators on the daily timeframe are beginning to issue caution signals. The (RSI) has retreated to 66 after leaving the overbought zone, reflecting weakening upward momentum. At the same time, the MACD line is at risk of crossing below the signal line, which could trigger short-term selling pressure.
If CHZ reverses from the 0.04635 USD zone, the 20-day EMA and 200-day EMA, approximately around 0.04031 USD and 0.03825 USD respectively, are expected to serve as important dynamic support levels for the price.
SN_Nour
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