Chiliz (CHZ) continues to trade in green above $0.049 on Tuesday, having rallied nearly 5% in the previous day. CHZ is outperforming the broader cryptocurrency market so far this week, as the token’s resilience appears to be driven by improving sentiment in the derivatives market. On the technical side, the outlook remains constructive, suggesting CHZ could extend its advance toward levels above $0.051.

Derivatives metrics support a bullish outlook for CHZ

CoinGlass data shows that the futures’ Open Interest (OI) at exchanges in Chiliz surges to $79.96 million on Tuesday, up from $58 million in the previous week and nearing the yearly highs of $80 million back in January. An increasing OI indicates new or additional money entering the…