Can the Chiliz Price Continue Rallying Amid New Partnerships?

The Chiliz crypto ranks 70th on CoinMarketCap in terms of market capitalization. Its market cap stands at $1.346 Billion with an intraday surge of 3.23%. The 24-hour trading volume has surged by 48.52%, which amounted to $314.521 Million.

As per the IntoTheBlock data, the holder’s compositions by time held portray that holders who have been invested in Chiliz by more than 1 year are 77%. The transactions that occurred in the last 7 days in CHZ amounted to $101.42 million, and each transaction was greater than $100 K.

Chiliz (CHZ) has been making giant strides in the market. The crypto project has also undertaken new partnerships to expand its footprint. Its price recently rocketed from an upward trend towards the three-times-tested resistance level near $0.1600. The CHZ crypto looks bullish as it stays above the major trend 50-day and 200-day EMAs.

Chiliz token Summary | By Intotheblock

New Collaborations and Opportunities for Chiliz (CHZ)

CHZ has also sparked interest in the market through its recent collaborations. Its partnerships could enhance the project’s future expansion opportunities.

SBI Digital Asset Holdings’s tweet announces their collaboration in the second week of May 2024 with Chiliz. A Collaboration with a prominent Japanese institution opens doors for CHZ to enter the Japanese market. The initiatives are eager to introduce fan tokens in Japan. It is a move that will attract a new wave of new customers from the nation.

Moreover, According to the Chiliz tweet post on X, Naver Pay, the South Korean payment giant, has also teamed up with this platform. Naver Pay has been used by most South Koreans, with 33 million users registered and 18 million using it daily.

This integration aims to make it easier for new users to buy fan tokens and help CHZ become more widely accepted in the Korean market.

Among Multifold Partnerships, Could Chiliz Continue Rallying?

Chiliz has experienced a 20.41% increase in its value in the past week and was traded at $0.15212, with a daily loss of -1.16%. The ongoing formation of new partnerships suggests that the crypto asset looks on the verge of significant growth.

According to the latest CHZ price prediction, the token has the potential to reach higher levels. To achieve that and to attract a broader audience, the coin needs to expand its utility and technological capabilities. High-profile partnerships are also a viable way to maintain relevance in the market.

Furthermore, the price has risen sharply towards the supply region, which has been tested three times. At the time of writing, the CHZ price was once again at the same hurdle level for the 4th time. If the price manages to surpass the probable hurdle of $0.16000, it could target $0.30000, with the primary resistance level being $0.22000.

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The Chiliz cryptocurrency has shown bullish potential, with the MACD indicating a bullish crossover and the RSI gradually rising to 68.79, supported by the 14-SMA smoothened line.

On the contrary, if the CHZ price fails to surpass the resistance level, it could decline, potentially breaking below the current upward trendline.

Summary

Chiliz (CHZ) has experienced a surge in trading volume and price, and the holders’ composition data shows that 77% of holders have been invested in CHZ for over a year. 

The recent partnerships with SBI Digital Asset Holdings and Naver Pay indicate the potential for expansion into the Japanese and South Korean markets. The coin has seen a 20.41% increase in value over the past week and is currently being traded at $0.15212, with potential for further growth. 

The CHZ price has been testing a resistance level multiple times, and its bullish potential is indicated by the MACD crossover and rising RSI. However, a failure to surpass the resistance level could lead to a decline in price.