A digital currency closely associated with the sports industry, Chiliz, emerged as one of the most notable alternative cryptocurrencies (altcoins) in 2021. The CHZ token reached a peak price of $0.89 during that period. However, due to the bearish market conditions, CHZ declined to $0.053 before recovering and surpassing the $0.1 mark, forming a bullish technical pattern known as a golden cross.

Golden Cross Formation Signals Potential Uptrend

The golden cross formation is considered a positive indicator in the cryptocurrency market. It occurs when a short-term moving average crosses above a long-term moving average, suggesting a possible upward trend. This pattern appeared in CHZ during the recent week, hinting at a potential price increase.

At the time of writing, CHZ, known as a sports-focused altcoin, is trading at $0.15. Over the past week, CHZ has experienced an impressive 25% rise in value. Significant developments in sports-related activities are crucial for this cryptocurrency's performance. CHZ tends to gain momentum before major sporting events.

UEFA Euro 2024 Could Impact CHZ Price Movement

The upcoming UEFA Euro 2024 football championship could lead to increased participation and interest in CHZ. Investors should consider this potential catalyst. However, as the championship concludes, the excitement may subside, and CHZ investors should exercise caution towards the end of the event.

Technical analysis indicators suggest a neutral outlook for CHZ. The Relative Strength Index (RSI) stands at 51, indicating neither a buy nor sell signal. The Moving Average Convergence Divergence (MACD) indicator shows the MACD line above the signal line for CHZ, implying continued growth. The next target price for CHZ is $0.165, with Bitcoin's potential negative movement being the biggest obstacle to overcome.