Chiliz token pops as fan tokens jump ahead of Pepper airdrop

Chiliz, the largest blockchain network for sports and entertainment, surged to its highest point in three months.

The Chiliz (CHZ) token broke a crucial resistance, reaching an intraday high of $0.072, its highest level since July 22. It has risen by over 66.50% from its lowest point this year.

Its rebound has coincided with the resurgence of most fan tokens. OG Fan Token (OG), the largest fan token, has surged by over 213% in the last seven days, giving it a market cap of $33.42 million.

Alpine F1 Team Fan Token (ALPINE) has rallied by 43%, while the Santos FC Fan Token (SANTOS) has jumped by 41% in the same period. According to FanMarketCap, all fan tokens have accumulated over $313 million in market cap.

The CHZ token also rose as investors awaited the upcoming Pepper airdrop, scheduled for Oct. 10.

Pepper will be the first meme coin on the Chiliz Blockchain. According to its website, its purpose and utility remain a mystery. Instead, it has been created by the community to “take the reins and ride.”

The airdrop comes at a time when the meme coin industry is booming, with all tokens tracked by CoinGecko having a market cap of over $53 billion. Some of the most notable performers are Popcat (POPCAT), whose market cap rose to $1 billion recently, and Neiro (NEIRO), which has surged by over 7,000% in the past few weeks.

Chiliz token flips key resistance

Chiliz price chart | Source: TradingView

The Chiliz token has bounced back from $0.043 in August to $0.07. It flipped the important resistance point at $0.0715, its highest swing on Sept. 27, into a support level. By doing so, it invalidated the double-top chart pattern that had been forming.

CHZ has also risen above the 50-day and 100-day Exponential Moving Averages, indicating that bulls are gaining control.

Therefore, Chiliz may continue rising, with the next reference level to watch being $0.084, its lowest swing on April 13.