#CHZ CHZ has increased by 20% in the last 24 hours and is currently approaching a resistance zone at $0.045. Its standout performance during a relatively calm period in the entire market indicates that this asset has been favored and actively bought. The medal has also been waiting for this coin for a long time, taking this opportunity to recommend it to everyone. When there is a basis for initiation, it can actually lead to efficient holding.
CHZ is currently staying near a price of 0.042, below a peak level from March 30. There will be some selling pressure here, so there will be a certain absorption of sell orders, which is a factor for the price to stay and fluctuate. However, the current upward trend indicates that the momentum is positive.
The World Cup, which opened on June 11 this year, is the main catalyst for the demand for CHZ sports tokens. Additionally, 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 list on U.S. exchanges and establish partnerships. Currently, CHZ's penetration rate in the U.S. market is still below 15%. This means that regulatory policies are clear, major risks have been digested, and channels for entering the large retail capital pool in the U.S. have been opened. Coupled with the global attention brought by the World Cup, this lays a solid foundation for CHZ's ultimate development, which is expected to continuously drive buying and ultimately lead to higher price performance.
Let’s talk about the structure of CHZ. In fact, from the perspective of the weekly long cycle, it peaked at 0.94 in March 2021 and fell all the way down until the World Cup in November 2022, which saw a speculative rise and rebound a few months in advance, followed by continued withdrawal. Even during the recent bull market of Bitcoin, there was no improvement. The price fell from 0.94 to an effective low of 0.027 USD at the end of last year, with a total decline of 97%, indicating a significant downward trend. Therefore, looking at the duration of prices from the lowest point of 0.027 and 0.064 in mid-January this year, the average price of the chips accumulated by the major players at the bottom is actually close to 0.040 USD. Therefore, participating in CHZ at this position means lower risk and greater price advantage. Meanwhile, due to the current bear market cycle in the crypto space, the entire market lacks heat. CHZ, leveraging the charm of the World Cup, is more likely to form a hotspot for concentrated buying. After all, the emotions for spot trading and bullish positions have been suppressed for too long.
From the daily situation, the price actually rose by 130% over the whole month from December 18 last year to January 17 this year, from 0.028 to 0.064 during an active upward phase. Most mainstream coins did not show outstanding gains during this period, while CHZ performed very proactively, which can be seen as a sign of major players accumulating positions. Although there were declines later, Bitcoin also saw many declines during the same period due to released selling pressure. From the actions, the major players have actively bought in, and are now poised to act, waiting for speculation.
The current daily price is at a resistance wave peak of 0.045, which is a phase rebound high at March 30 and February 15. The trapped positions in this area need to be absorbed before further advancing to the next resistance level near 0.055. This position is also a resistance zone that was a phase high between 0.055 and 0.065 at the end of January this year. This range is a strong pressure zone where there will be a longer stay. Therefore, currently, the price of 0.042 is also 30% away from the upper side for short-term profit.
Regarding the speculation around the World Cup, the medal believes that the price will also exceed this year's 0.065 level, and then aim to attack around 0.10, or even higher, because for the major players to profit, they usually need to push the average price above double, so there is enough selling space. In summary, for friends who want to participate in some spot trading, CHZ has already shown a contrarian rise actively yesterday, indicating that it is in the initiation stage and participation is possible. In terms of entry, it is recommended to participate in the range of 0.0400-0.0420, and to bravely add positions below 0.0370. The first phase looks at 0.0530, and around the World Cup opening looks at 0.090.#CHZ $CHZ 
