4.16: Bitcoin lacks a bullish narrative, CHZ leverages World Cup hype to move up

CHZ has risen 20% in the past 24 hours and is currently approaching the resistance zone at $0.045. Its emergence during a relatively calm period in the overall market indicates that the asset has been sought after and actively bought in, and the badge has been waiting for this coin for a long time. Taking this opportunity to recommend it, when there is a basis for activation, holding positions efficiently is possible.
CHZ is currently hovering around $0.042, below a peak level from March 30, which may cause some selling pressure, so some absorption of sell orders is happening here. This explains why the price is consolidating and oscillating at this level. However, the current upward trend indicates a positive momentum.
The World Cup, which opened on June 11 this year, is the main catalyst for demand for CHZ sports tokens. Meanwhile, 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 the way for CHZ to be listed on U.S. exchanges and establish partnerships. Currently, CHZ’s penetration in the U.S. market is below 15%. This means regulatory clarity, addressing major risks, and opening channels to access the large retail capital pool in the U.S., plus the global attention brought by the World Cup, laying a solid foundation for CHZ’s ultimate development, with potential for sustained buying pressure and higher prices.
Let’s talk about CHZ’s structural pattern. In fact, from the weekly long-term perspective, after peaking at 0.94 in March 2021, it continued to decline. During the World Cup in November 2022, there was an early speculative rally and rebound several months ahead, then it continued to retreat, showing little improvement even during Bitcoin’s recent bull market. The price fell from 0.94 to a low of 0.027 USD at the end of last year, a decline of 97%, indicating a very strong downtrend. Therefore, looking at the lowest point of 0.027 and the mid-January price of 0.064, the main players’ average cost basis for bottom-building was close to $0.040. Participating in CHZ at the current level means lower risk, with a significant price advantage for chips. Additionally, since the current market is in a crypto bear cycle with low enthusiasm overall, CHZ leverages the World Cup’s appeal, making it easier to form a hot spot for collective buying. After all, traders’ spot and long positions have been suppressed for too long.
Looking at the daily chart, the price surged 130% from December 18 last year to January 17 this year, a full month of active upward movement from 0.028 to 0.064. During this period, most mainstream coins did not show significant gains, but CHZ performed very actively, indicating a possible sign of main players building positions. Although there was a subsequent decline, Bitcoin also experienced a drop during the same period, which was caused by the release of sell pressure. From the actions, the main players have actively bought and absorbed chips, now waiting for the right moment to speculate.
Currently, the daily price is at a resistance peak around 0.045, which is at the high point of the rebound on March 30 and February 15. This level needs to absorb the trapped positions before further pushing higher to the next resistance near 0.055, which is a stage high from the end of January this year, in the 0.055–0.065 zone. This zone is a strong resistance area, likely to cause a longer pause. From this, the current price of 0.042 still has about 30% short-term profit potential.
Regarding World Cup hype, the badge believes the price could surpass this year’s 0.065 level and then push toward 0.10 or even higher, as main players need to raise the average cost by more than double to generate enough selling space for profit. Overall, for friends who want to participate in spot trading, CHZ has already shown a countertrend rally and active upward movement yesterday, indicating it is in the startup phase and suitable for participation. For entry, it is recommended to buy within the 0.0400–0.0420 range, with brave additions below 0.0370. The first target is 0.0530, and near the World Cup opening, look for 0.090.