Currently, the popular Chiliz token among sports fans is one of the strongest altcoins among the top 100 cryptocurrencies, with a 22% increase in value. The Chiliz blockchain is a crucial hub for gaming and sports fans in the crypto sector, enabling them to participate in the creation of NFTs through the Socios.com platform.

Fans of popular sports teams can also influence their teams using fan tokens, which are issued on the Chiliz blockchain. Ahead of the UEFA Euro 2020 football tournament, the CHZ price seems to be positioning itself for a rise.

In the weekly comparison, Chiliz's price is among the top-performing top 100 cryptocurrencies, with a 22% gain. Although the CHZ price has recently retreated south after encountering resistance at its March highs around $0.165, it could attempt another rise if it remains above $0.128.

If bulls can push the price to a new yearly high, Chiliz is likely to gain momentum and head towards the next resistance zone between $0.182 and $0.192. However, this may only be a temporary hurdle.

Investors will likely aim to push the price towards $0.246, which marks the 61.8% Fibonacci retracement of the broader uptrend. If the CHZ price can overcome this strong resistance, a subsequent rise towards the November 2022 high of $0.294 is possible, although it may initially struggle to break through.

If buyers can maintain their momentum, a surge towards the 78.6% Fibonacci retracement at $0.383 cannot be ruled out. However, if bulls fail to stabilize the CHZ price above its current yearly high, and it falls below the pivot point at $0.128, a retest of the previous week's low at $0.113 is likely.

Buyers must be active at this level to keep the chance of another rise alive. If the price continues to show bearish signs at this intermediate low, a pullback towards the previous month's lows around $0.093 is possible.

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