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- Chiliz has recently announced that they will be launching their new fan token on MEXC global
- Technical indicators are favoring for a huge recovery in CHZ. It has seen a loss of 0.25% in BTC pair
Chiliz (CHZ) is a cryptocurrency that is primarily used to participate in fan token offerings on the Chiliz blockchain platform. The platform, which is powered by the Ethereum blockchain, allows sports teams, clubs, and organizations to launch their own fan tokens. These tokens can be used for a variety of purposes such as voting in polls, accessing exclusive content, and participating in other fan engagement activities. The Chiliz platform was launched in 2019 by Alexandre Dreyfus, the CEO of Socios.com, a blockchain-based platform for sports and entertainment. The platform has since been adopted by a number of major sports teams and organizations, including FC Barcelona, Paris Saint-Germain, and Juventus. Chiliz platform also includes a mobile app, Socios.com, that allows fans to purchase, trade and manage their fan tokens. Chiliz network has recently announced that they will be launching their new tokens on MEXC global. This can boost a sharp interest in the investors
CHZ has a market cap of over $900 Million and is ranked 51st in the CMC. Volume to market cap ratio of Chiliz suggests an upside trend.in price
Technical Indicators Are Strongly Favoring Bulls
Chiliz has broken out from its consolidation and is ready to move for a new high. The weekly technical chart of CHZ suggests a consolidated trend in price. On the daily chart it is trading near $0.1360 with marginal gains. The upside move of CHZ can see a halt near $0.35. Meanwhile the support of CHZ can be seen near $0.1. It is is currently trading below 100 and above 50 DMA. There can be a positive crossover which can push the price to a new high in the future. On the 4 hour chart it is forming continuous upside pattern which can push it beyond $0.2 within a short period of time frame.
Conclusion
With launch of new fan token and recovery in Bitcoin CHZ is looking to a new high. CHZ has been doing a U shaped recovery which can push it to a new high in the future.
Technical Levels
Major Support: $0.08
Major Resistance: $0.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
