Chiliz Is Struggling to Pass the Resistance at $0.0750
Chiliz (CHZ) has declined by 3.3% to $0.0733 this week, underperforming the broader market as Bitcoin (BTC) surged by 6.8% to $67,000. The correction in Chiliz was triggered by an airdrop event on 10th October, during which 150,000 PEPPER tokens were distributed, supported by Binance and other major crypto exchanges. The announcement of this event boosted staking interest, leading to a 25% rise in Chiliz prices, peaking at $0.0834 on 16th October, marking the largest monthly increase since 18th June.
Following the airdrop, CHZ experienced a correction, with prices falling below the $0.0750 resistance level. Despite the pullback, Chiliz still has potential to break through this resistance, especially if Bitcoin continues its upward momentum.
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