Top 3 Trending Coins: CHZ and EOS Break Free While CEL Woes Continue

Key Insights:

• Chiliz (CHZ) leads the way over 24 hours, supported by news of Socios receiving regulatory approval in Italy, a leading footballing nation.
• However, EOS (EOS) is hot on the heels of CHZ. Once forgotten, EOS is in resurgence mode, with investors jumping back in ahead of an anticipated hard fork.
• By contrast, Celsius Network (CEL) remains the worst performing top 100 crypto early in the Tuesday session.

Chiliz (CHZ) Gets Another Socio Boost a Fan Engagement Hits New Levels

CHZ surged by 19.04% to end Monday at $0.22295. A bullish session saw CHZ strike a new August high of $0.2300 before easing back. The rally came despite bearish sentiment across the broader market, with Fed Fear gripping the global financial markets.

News of Socios obtaining regulatory approval in Italy delivered the CHZ breakout session.

With the 2022/2023 European football season underway, activity in the fan-token space is picking up.

Last week, Socios.com announced regulatory approval in Italy. The regulatory approval will allow Socios.com to provide virtual currency and digital wallets to support fan engagement. Some of Italy’s leading Italian football clubs have existing partnerships with Socios.com. These include footballing giants Juventus (JUV), AC Milan (ACM), and Inter Milan (INTER).

The latest news follows the announcement of Socios.com investing $100 million to support Barcelona FC’s Web3 goals earlier in the month.

With global football largely recession-proof and the FIFA World Cup around the corner, the outlook is positive for Socios.com and Chiliz.

Looking at the trends, a move through the new August high of $0.2300 would give CHZ a free run at the March high of $0.3319. Near term, avoiding the August low of $0.1214 will be key.

EOS (EOS) Follows Chiliz on a Breakout Mission Amidst the Doom and Gloom

EOS (EOS) has been in breakout mode in recent sessions. Recovering from an August low of $1.1484, EOS struck an August high of $1.9451 on Monday before easing back.

After falling out of favor with crypto investors, news of an upcoming hard fork has renewed investor interest, driving EOS to its highest level since May.

News of a plan to rebrand and move away from Block.one is likely the driving force. Investors anticipate an EOS hard fork to deliver upgrades, another contributory factor.

Looking at the trends, a move through the August high of $1.9451 would give the bulls a run at $3.00 to bring the March high of $3.1729 into view. However, EOS will need to avoid the August low of $1.1484 to avoid a fallback to the current year low of $0.8170.

Celsius Network (CEL) Continues the Deep Dive into the Abyss

By contrast, Celsius Network (CEL) continues to face intense selling pressure. Underperforming the crypto market top 100, CEL slumped by 22.87% on Monday. The reversal followed an August 15 tumble after striking an August high of $4.40. CEL current sits at $2.37.

Looking at the trends, a fall through the August low of $1.088 would bring the June current year low of $0.15 into view.

Today’s gains are inconsequential, with CEL down 21% over 24-hours.