Chiliz (CHZ), the native cryptocurrency of the sports blockchain platform, is experiencing a notable price rally, surging 13% to reach $0.07227. This surge is attributed to the recent announcement by Binance that it will support the airdrop of the PEPPER crypto token, rewarding CHZ holders.
Key Details of the Airdrop
The initial snapshot for the PEPPER airdrop is scheduled for October 10, with additional snapshots to follow throughout the month. To qualify for this airdrop, users must hold a minimum of 100 CHZ in their eligible wallets. For every 150 CHZ held, users will receive 1,000 PEPPER tokens. The eligible wallets include funding, spot, and margin accounts, although borrowed tokens will not count.
Market Reaction and Price Movement
Following the announcement, CHZ has broken through key resistance levels, trading above both the 50-day and 100-day Exponential Moving Averages. The market capitalization of CHZ has surged past $650 million, reflecting growing investor interest in anticipation of the airdrop.
In the context of trading, the open interest for CHZ has jumped by 58.45%, reaching approximately $69.39 million. Additionally, the 24-hour liquidation in CHZ exceeded $1.22 million, indicating increased trading activity.
Future Outlook for CHZ
The price momentum for CHZ appears robust, especially following its rebound from a low of $0.043 in August to surpass $0.07 recently. The transformation of the $0.0715 resistance level into support has created a double-top chart pattern, signaling potential for further gains.
Traders and analysts are now eyeing the next key price level of $0.084, which was identified as the lowest swing point on April 13. With the bullish momentum building, the upcoming days could be crucial for CHZ as the airdrop progresses and investor sentiment continues to evolve.
Conclusion
The positive developments surrounding the PEPPER airdrop and the increasing demand for airdrops in the crypto space signal a growing interest in Chiliz and its ecosystem. As CHZ continues to break through resistance levels and gain traction among investors, the cryptocurrency’s performance in the near future will be closely watched by market participants.
Related topics:
Here’s Why Bitcoin, ETH, BNB, and SHIB Prices Are Falling Sharply
EIGEN Price Jumps 10% Amid $5.5M Token Sale Investigation
Satoshi-Era Bitcoin Whale Moves $3.6M Ahead of Nakamoto Documentary
