4.16: Bitcoin lacks bullish narratives, CHZ leverages World Cup hype to rise

CHZ has increased by 20% in the past 24 hours, currently approaching the resistance zone at 0.045 USD.
Its emergence during a relatively calm market period indicates that the asset has been sought after and actively bought, 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, it can be efficiently held.
CHZ currently stays around 0.042, below a peak level from March 30th, which may cause some selling pressure.
Therefore, some absorption of sell orders is expected, which explains the price oscillation at this level.
However, the current upward trend indicates a positive momentum.
The World Cup, which opened on June 11th this year, is the main catalyst for demand for CHZ sports tokens.
Meanwhile, on March 17th 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 be listed on U.S. exchanges and establish partnerships.
Currently, CHZ's penetration rate in the U.S. market is below 15%.
This means regulatory clarity, the elimination of major risks, and the opening of channels to access the large retail capital pool in the U.S.
Coupled with the global attention brought by the World Cup, this lays a solid foundation for CHZ's ultimate development, with potential for sustained buying pressure and higher price performance.
Let's talk about CHZ's structural form.
In fact, from the weekly long-term perspective, after peaking at 0.94 in March 2021, it declined all the way down.
During the World Cup in November 2022, there was an early speculative rally and rebound, then continued to retreat.
Even during Bitcoin's recent bull market, there was no significant improvement.
The price fell from 0.94 to an effective low of 0.027 USD at the end of last year, a decline of 97%, indicating a very strong downtrend.
Therefore, considering the lowest point of 0.027 and the mid-January price of 0.064, the main force's average cost basis for bottom-building was close to 0.040 USD.
Participating in CHZ at the current level means lower risk, with a significant advantage in chip price.
Additionally, since the current crypto bear market cycle lacks enthusiasm, CHZ leveraging the World Cup's appeal makes it easier to form a hot spot for collective buying.
After all, the spot and long positions' sentiment has been suppressed for a long time.
Looking at the daily chart, the price rose by 130% from December 18th last year to January 17th this year, over a full month.
This active upward phase from 0.028 to 0.064 was not matched by other mainstream coins, which mostly showed little movement.
CHZ's performance can be seen as a sign of main force accumulation.
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 action, the main force has actively bought chips and is now waiting for the right moment to act, preparing for speculation.
The current daily price is at a resistance peak of 0.045, which is a stage rebound high from March 30th and February 15th.
This needs to absorb the trapped positions in this zone before further rising to the next resistance at around 0.055.
This level is near the stage high of 0.055~0.065 from late January this year.
This zone is a strong resistance area, likely to cause a longer pause.
Thus, the current price of 0.042 USD still has about 30% short-term profit potential.
Regarding World Cup hype, the badge believes the price will surpass this year's 0.065 and push towards 0.10 or higher.
Main force building positions usually aim for more than double the average cost to create enough sell volume.
In summary, for friends who want to participate in spot trading, CHZ has already shown a countertrend rally and active upward movement yesterday.
This indicates it is in the startup phase and suitable for participation.
For entry, it is recommended to buy within the 0.0400-0.0420 zone.
If below 0.0370, consider adding more courageously.
First target is 0.0530, and near the World Cup opening, aim for 0.090.