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- 1 CHZ has been in a consolidation for a long time and is ready for a bearish crossover.
- 2 Technical indicators of CHZ are favoring a bearish trend in price. It has seen a drop of 0.5% in intraday session
CHZ coin is a cryptocurrency which was created to support the operations of the Chiliz blockchain platform. Chiliz is a blockchain-based platform which aims to bring sports and entertainment fans closer to the teams and organizations they support. CHZ coin serves as the native currency of the Chiliz platform and is used to power various features such as fan voting, rewards, and access to exclusive content Fans can use CHZ coins to purchase Fan Tokens that represent voting rights and exclusive access to team-related content and experiences. This creates a more engaging and interactive experience for fans, while also providing teams with a new revenue stream. CHZ coin has also been gaining popularity as a means of payment in the sports and entertainment industry. Several organizations have partnered with Chiliz to accept CHZ coin as payment for tickets, merchandise, and other fan-related activity. CHZ has a ROI of 522% with a market dominance of 0.08%.
Chiliz has a market cap of $900 Million and is ranked 55th in the cryptoverse. It has seen a 92% increase in the volume which may push the price.Volume to market cap ratio of CHZ suggests a consolidated trend in price.
Bears Are Pushing CHZ Down
The weekly technical chart of the CHZ suggests a consolidated trend in price. It is looking for a bearish trend in the daily chart. It is currently trading near the value of $0.1347 with a drop of 3% in the intraday session.The upside momentum of CHZ can see a halt near the value of $0.25.Meanwhile the support of the asset price can be seen near $0.1.It is currently trading in between 50 and 100 Daily Moving Average.It can see a negative crossover which can push the asset price to a new low.If it drops below $0.1 then a strong downside momentum can be seen.
RSI of the CHZ is currently near 47 suggesting its presence in the neutral zone.There is a downside slope which can push the asset price to a new low.
Conclusion
Chiliz has been one of the most widely used token in between the sports community. It is currently in a downward trend. CHZ price may see a reversal in the future as per various analysts.
Technical Levels
Major Support:$0.1
Major Resistance:$0.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
