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Paris Saint-Germain Becomes Trailblazing Validator On Chiliz Blockchain, Fueling 9% Rally In CHZ

In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.

PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.

Chiliz $1 Billion SportFi Ecosystem Attracts PSG

According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.

Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.

Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans. 

Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.

Web3 Adoption In Sports

To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace. 

According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.

In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024. 

Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:

This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.

Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating: 

Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.

CHZ Skyrockets To $1.13 Billion Market Cap

Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.

Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.

Chiliz

Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.

Featured image from Shutterstock, chart from TradingView.com

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Chiliz (CHZ) Empowers Smart Contracts With Upgrades – Positive Impact On Price?

Chiliz, the pioneering sports blockchain platform, is set to make waves once again as it teases forthcoming upgrades to its smart contracts.

In a recent tweet, Chiliz unveiled its plans to enhance the functionality of its smart contracts, showcasing the company’s ongoing commitment to providing a seamless and efficient experience for its users. 

Chiliz has been a trailblazer in the sports and entertainment industry, utilizing blockchain technology to bridge the gap between sports fans and their favorite teams.

The platform’s innovative approach allows fans to engage with their chosen teams through fan tokens, gaining access to exclusive content, rewards, and even influencing certain team decisions through token-based voting systems. 

As the platform gears up for these improvements, the question on everyone’s mind is whether these upgrades will play a role in boosting the price of CHZ, Chiliz’s native cryptocurrency.

Chiliz Upgrades On The Horizon

The first of the upcoming upgrades focuses on streamlining the deployment of factory contracts. In a bid to improve efficiency, Chiliz plans to enable such contracts to be deployed without the need for whitelisting as deployers. 

This move is expected to simplify the process while maintaining a level of security by ensuring that the factory contract is still initiated by a whitelisted deployer. By reducing friction in the contract deployment process, Chiliz aims to enhance user experience and attract a wider range of participants.

The second upgrade revolves around staking pool contract enhancements. Chiliz aims to address issues related to the accuracy of voting power displayed for validators and the calculation of delegated amounts. 

To rectify this, the Chiliz team has indicated that a temporary downtime for the delegated and undelegated features will be necessary during the upgrade. While this may temporarily inconvenience users, the improvements are anticipated to provide a more accurate and transparent staking experience.

Impact On CHZ Price

As Chiliz enthusiasts eagerly await these upgrades, the impact on the price of CHZ remains a topic of interest. At the time of writing, CHZ is in the red in all timeframes, and priced at $0.074903 according to CoinGecko.

The past 24 hours have seen a decline of 1.2% in its value, while the past seven days have witnessed a decline of 1.5%. These fluctuations underscore the inherent volatility of the cryptocurrency market.

While the direct correlation between upgrades and price movements can be complex and multifaceted, the anticipated improvements in Chiliz’s smart contracts could bolster investor confidence in the platform’s future prospects. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Dr Trouble Hot Sauce

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Chiliz (CHZ) Continues To Record Significant Gains, Moves Over 5% In The Last Day

The global cryptocurrency market cap stands at $1.05 trillion, representing a 0.19% increase in the last day. As the cryptocurrency market continues to rally, altcoins are posting incredible gains.

For instance, Chiliz’s price is gaining today, reflecting the positive moves of the general market. CHZ’s trading volume has also increased by 82.02% in 24 hours, showing rising interest among investors.

CHZ is among the top gainers today, recording an almost 6% increase in value. The asset has outperformed market leader Bitcoin today, which recorded a 0.02% increase in 24 hours. This price increase might support a bull run in the coming weeks.

Some experts have predicted 2023 to be bullish, and the price performance of cryptos so far is leaning toward this prediction.

What Is Behind The Chiliz (CHZ) Rally?

CHZ acts as a fan token and has always been a community-driven project that relies on voting power from members. The Chiliz project has many lucrative partnerships with soccer giants such as Juventus, Manchester City, FC Barcelona, and Paris Saint-Germain. It equips the club supporters with limited editions of fan tokens.

Sports is a lucrative sector worldwide, with fans investing heavily in merchandise and fan tokens to support their favorite teams. The platform’s native token CHZ is the currency for purchasing these fan tokens through smart contracts. These fan tokens are offered in limited supply to preserve their scarcity and uniqueness.

The Chiliz development team posted the progressive strides the network has made in 2022 and early 2023 on Twitter. It has formed new partnerships with notable partners such as Italian Serie A teams, MLS teams, and SL Benfica. Also, the Scoville Testnet upgrade launched in 2022 has recorded success in stages 1-5. According to the development team, Stage 6 will launch in 2023.

CHZUSD
CHZ Price Prediction Where Is it Headed?

Chiliz (CHZ) is trading at 0.1461, a 5.29% increase in the token’s value. The Chiliz token is in an uptrend, as the formation of consecutive green candles with higher highs indicates.

CHZ is trading above its 50-day Simple Moving Average (SMA) and below its 200-day (SMA). It implies a short-term rally as the bulls seize control of the market. The support levels are $0.130459, $0.133246, and $0.136924, while the resistance levels are $0.143388, $0.146176, and $0.146176.  

Chiliz has broken its first resistance level of $0.133246 and turned it to support, leading to a positive movement on the charts. The Relative Strength Index (RSI) is at 64.85, showing that Chiliz is close to the buy zone but not in the overbought region. If the bullish pressure sustains,  Chiliz will likely surpass its next resistance level soon.

The MACD (Moving Average Convergence Divergence) is now above the signal line. It also indicates slight bullish pressure. However, the MACD is still tentative and reflects a possible reversal if the bears seize control.

Expect CHZ to sustain its gains in the coming days. The asset will likely surpass the $0.14676 level soon. However, if the resistance prevails, it will retrace to the $0.133246 support.

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Chiliz Serves Up 16% Weekly Gains, Becomes Most Traded Token Among ETH Whales

Chiliz (CHZ) started off 2023 by putting together a 20% increase in its value during the first five days of the year.

This strengthened the hopes of the holders of the crypto that it might have a strong bullish rally this year as opposed to the consistent downtrend it had experienced over the last two months.

At the moment, this could prove true as data from Coingecko indicates that the asset rose by 16% during the past seven days. At the time of writing, CHZ was trading at $0.1181.

Analysts, however, are giving words of caution that this rally might be short-lived as some developments that involve the altcoin are not necessarily indications of a major surge that would provide an opportunity for profit taking among holders.

ETH whales

Chiliz Whets Appetite Of ETH Whales 

According to the information shared by crypto whales tracker WhaleStats via Twitter, Chiliz was able to surpass Numeraire (NMR) as it became the most traded digital token among the top 500 ETH whales.

To the untrained eyes, this might appear to be a precedent of an upcoming bullish rally that might push the crypto’s trading price to higher levels.

But seasoned analysts would say that this could also be an indication that the ETH whales are now looking to make profit from their holdings through dumping of their CHZ tokens.

If this action is not averted, the altcoin might be subjected to tremendous selling pressure and this could be disastrous as it often leads to price crash.

Moreover, it is important to note that during the time when Chiliz was making its mini rally to recoup its losses over the last few months, the number of tokens held by its top addresses significantly declined – a potential indicator that large investors are now cashing out.

This trend continued even when the number of active addresses for CHZ increased this January – a development that might have been caused by the anticipated rally that the crypto asset is supposed to make this month.

What Awaits Chiliz (CHZ)

Meanwhile, forecasts from online cryptocurrency information provider Coincodex do not contain any exciting news for holders of CHZ.

The crypto-focused platform predicts a slight decrease in value for Chiliz within the next five days with the asset changing hands at $0.1150.

There appears to be a bit of relief for holders as the 30-day forecast for the altcoin appears to favor them. According to Coincodex, a month from now, CHZ will trade at $0.1430.

Although the recent activity involving the asset and ETH whales appear to be positively affecting the crypto asset at the moment, holders and prospective buyers need to exercise caution as it could also cause Chiliz to lose its zing.

-Featured image by New Food Magazine

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Chiliz (CHZ) Finds Cover At This Level For Some Temporary Relief

Chiliz (CHZ) looks bearish as it shaved off as much as 64% in 50 days. This entertainment- and sport-based blockchain platform is built on Socios and allows fans to interact with sporting brands and teams.

Here’s a quick glance at how the crypto is performing so far:

  • Chiliz plunges by 0.70%
  • Sellers are seen to dominate the bearish market
  • CHZ has trimmed down as much as 64% in just 50 days

With that said, users can fully take advantage of the platform to stake and dish out exclusive information and news tidbits from their favorite sporting teams, plus also freely share their opinions on the latest news.

The 2022 FIFA World Cup gave Chiliz a boost as it pumped up the orders. However, Chiliz can’t seem to keep up with the rest of the cryptocurrencies and has been lagging behind or going downward spiral.

CHZ Currently Trades At $0.1085

According to CoinMarketCap, CHZ is down by 0.70% or trading at $0.1085 as of this writing. With this scenario, the sellers clearly have the upper hand while the buyers need to hang on and wait for the market to switch to bullish and stabilize in terms of demand before placing any bids.

Chiliz is a crypto exchange with the CHZ token explicitly designed for buying fan tokens that give users the ability to decide and govern regarding certain policies, stadium names, team lineups, franchises, and selection of players.

In addition, the CHZ token also functions similarly to BEP2 on Binance and ERC20 token on Ethereum.

Hitting The Oversold Zone

Chiliz was seen wading along the lines of $0.1637 to $0.29 since August. Now, when the lows in this range were breached and then retested as resistance in December, this has shown how sellers have the evident upper hand in the market.

RSI for CHZ is seen to have dipped below the neutral range of 50 on November 20. It is currently sitting at 9.2, which means it has reached the oversold zone.

Considerably, the CMF also moved down in the same period with sizeable capital flushed out of the market.

Over the past few days, the Fibonacci extension level, which acted as support, was spotted at 24.3% across the $0.107.

Sellers can shoot towards going short, given the 21-period MA, which worked as resistance this month. Sellers can then target $0.088 and $0.073 rendered as take-profit levels.

Chiliz Price Prediction

Meanwhile, Anton Kharitonov, a Traders Union crypto analyst, has a different forecast for the price of Chiliz.

According to Kharitonov, Chiliz will fluctuate between $0.00558 (the low end of the projection) and $0.0167 (the high end of the forecast) between now and the end of 2023.

Kharitonov’s analysis suggests that the price of CHZ will rise to $0.20 by then.

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Chiliz (CHZ) Down 19% In Last 7 Days – No Fireworks Ahead Of Christmas?

Since FTX’s downfall, the sports-themed cryptocurrency Chiliz has been struggling. The anticipated pump from the beginning of the 2022 FIFA World Cup on November 21 has done little to stem the negative tide in this post-FTX timeframe.

Chiliz bulls took confidence on November 10 as CHZ rebounded from the range lows to near the range highs. Despite the overwhelming anxiety on the market, the token posted gains of 72% from November 9 to November 18 within 10 days. But then, that’s a different narrative.

Let’s take a quick glance of how the token is performing thus far:

  • Since FTX and throughout the World Cup, CHZ has been performing rather sluggishly
  • The oversold RSI and falling reserves in the exchange both point to a favorable direction for the token’s price
  • In theory, a long position taken at the current price level would yield a profit

According to data compiled by CoinGecko, CHZ is trading at $0.136387, down nearly 19 percent in the last seven days. As Christmas nears, investors might be wondering if the token has any gas left to create some fireworks in terms of price increase.

Metrics relating to the asset’s risk have also been unfavorable. Messari reports that CHZ has a -4.78 Sharpe’s ratio alongside 1.11 volatility.

Considering CHZ’s past performance, these numbers are not what investors want to see.

Somewhat Bullish Technicals?

A Pearson’s R score of 0.8342 in the regression channel indicates that a more pronounced downward trend is imminent.

On the other hand, CHZ’s RSI readings are currently oversold, which could provide CHZ bulls a foothold.

But the break of the support line at $0.1540 propelled the price to its current level. The Bollinger band has also been extremely negative, with its moving average creating an additional resistance at $0.1623.

The bullish order block that emerged way back in August could provide investors and traders with some guidelines. According to CryptoQuant statistics, a bullish price reversal may be imminent because of the dwindling reserves.

However, investors and traders should remain vigilant. The bullish order block is the only obstacle preventing the bears from continuing their downward movement.

As prior price moves have created a XABCD harmonic frame, the support at $0.1373 may serve as a launching pad for bullishness.

Although the CMF figure is negative, it is only -0.01. This provides CHZ bulls with the opportunity to recover.

Profitable Long Position And Stop Loss

Surprisingly optimistic indicators could prompt a retest of the $0.1540 resistance by buyers. The current market price of CHZ is deeply discounted, suggesting that investors and traders may wish to purchase the drop. A profitable long position would have a stop loss at $0.1289.

However, given the persisting bearishness in the market, traders and investors should exercise caution with longer-term CHZ plays.

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Why Chiliz Is Losing Heat Despite World Cup Pomp; CHZ Down Over 30%

Since the beginning of the 2022 2FIFA World Cup, the value of Chiliz native token has plummeted.

Due to the discovery of various issues, the sporting event has been met with some controversies. Not to mention that just a week before the World Cup’s start, the collapse of the infamous FTX exchange shook the crypto world. But then, this is not the main point here.

Despite some promising advances off-chain, Chiliz continues to struggle. The token is down more than 30% in the last two weeks.

There is a lot of bearish evidence in the technicals and stats. If the price drops below $0.1451, short selling becomes an option.

This added strain to the already overburdened Chiliz ecosystem, which has had trouble drawing in investors and sports fans despite the testnet release of its Chiliz 2.0 update. However, CoinGecko reported a 1.3% price increase just lately.

When Will CHZ Get Its Zing Back?

On a green candlestick, the current price of CHZ is $0.1677. An oversold Relative Strength Index (RSI) value may help to clarify the recent increase in the token’s price.

However, the market is currently embroiled in a battle between bulls and bears, with prices remaining within the $0.3085-$0.1451 range that prevailed prior to the FTX brouhaha.

The market remains slightly mired in the distribution phase, with support and resistance being momentarily breached and reclaimed.

This has been true since the month of August. The situation may be deteriorating as CryptoQuant observes an increase in exchange reserves for the coin.

According to Messari, the volatility of the asset has been 2.13, indicating that it has been quite shaky. Having settled at -1.23, the returns relative to this volatility likewise exhibit extremely bearish characteristics.

Will There Be A Reversal?

Nonetheless, the MACD indicator indicates that a reversal is imminent. This may suggest a reversal due to the RSI being oversold. However, because exchange reserves are so high, any positive reversal would be met with a tremendous negative force.

A certain bearish breach of the $0.1451 support could cause the current market structure of distribution to collapse. A breach of this support might send the price to the 78.60 Fibonacci level.

A breakdown below this level could send the price to $0.0791. As the market recovers from the correction triggered by the FTX crash, CHZ should be able to ride this wave and emerge in a better shape.

CHZ total market cap at $1.02 billion on the daily chart | Featured image: DailyCoin, Chart: TradingView.com

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World Cup 2022: Chiliz Slides 15% As Sports Spectacle Unfurls – Can CHZ Make A Goal?

The World Cup just kicked off and the native token of the sports-themed cryptocurrency ecosystem, Chiliz, has dropped 15% in value over the past 24 hours.

This is not the kind of news traders and investors want to read about. The long-awaited World Cup clearly had no compensating effect on the prevailing economic conditions.

Here’s A Quick Rundown Of How CHZ Is Doing:

– Readily available data indicates a strong bear market hindered CHZ’s rally
– Near 1:1 ratio of long vs short positions shows cautious support for the token
– Price continues to fall; bulls should defend at $0.1664 and $0.1554

The token’s value has dropped significantly as of this writing. CoinGecko and CoinMarketCap report that CHZ has dropped another 9% since yesterday.

The token is trading at a red candle price of $0.1780, which is also reflected in the charts. CHZ’s rehabilitation may be more challenging now that the World Cup has become controversial over multiple issues.

Chiliz May Come Up With A Surprise

While CHZ is expected to rise, the token’s value has declined after reaching a high on November 19. This was the day before the World Cup began. Nonetheless, CHZ may prove more resilient than market participants anticipate.

First and foremost, CryptoQuant data indicates that the token’s exchange reserves are low. This means that fewer CHZ tokens are available on exchanges and are being prepared for sale on the market.

According to CoinGlass statistics, this is accompanied by an almost 1:1 ratio of long positions to short ones. These are incredibly bullish claims, and the technicals mirror the token’s resiliency.

As the price continued to decline, the money flow index increased, indicating that a price pullback may occur during the next few days.

Nonetheless, because of unfavorable market circumstances, the MFI may misread, resulting in extra suffering. As of writing, the bears are aiming for a breakout at the 61.80 Fib level ($0.1664)

Longer Rough Road Ahead?

The expansion of the Bollinger band, indicating a greater-than-usual degree of market volatility, along with the CMF index’s recent crossing into the negative half of its range, could be grounds for lower pricing.

CHZ bulls should defend the $0.1664 level because the moving averages are displaying strong sell signals. If the bears break through, $0.1554 will provide more support.

The actual relief rally for CHZ will not occur in the near future. However, as indicated by the proportion of long to short positions, investors and traders are willing to sacrifice short-term profit for a greater long-term benefit.

With CHZ’s limited foreign exchange reserves, we anticipate the aforementioned supports to delay or halt the downward market.

CHZ total market cap at $1.08 billion on the daily chart | Featured image from Coinx3, Chart: TradingView.com

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Chiliz Continues To Trend Higher Amidst World Cup Fever; Is $0.4 Possible?

  •  CHZ’s price shows bullish signs as price breaks out above its range channel showing signs to rally high as FTX fiascos continue. 
  •  CHZ’s price trades above $0.25 with the market’s current state, as things look uncertain for most traders and investors. 
  • CHZ’s price bounces from a low of $0.2 on the daily timeframe as the price aims for a rally to $0.4 above the 50 Exponential Moving Average (EMA)

The price action displayed by Chiliz (CHZ) in recent times has been encouraging, considering how close the world cup has come. After the FTX saga that has troubled the hearts of many traders and investors, the price of Chiliz (CHZ) has given many a reason to be hopeful. The Domino effect of the FTX saga and other huge investors involved has left the market at a standstill as the market is yet to make a major move after previous weeks saw the price of Bitcoin (BTC) perform well, rallying from a low of $19,200 to a high of $21,600. The fever of the world cup beckons on most traders and investors shifting their hearts from the recent downtrend in the market. (Data from Binance)

Chiliz (LTC) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.

FTX news hugely impacted the price of CHZ, sending the price into a spiral movement to a region of $0.2 as the price bounced off this region with what looked like a temporary demand zone to hold off a big sell-off.

With the world cup fast approaching, the price of CHZ picked up being a fan and community token with so many expectations for this one.

The price of CHZ bounced off this region showing some great strength to a region of $0.25 as the price aims to break higher to $0.4. The price of CHZ needs to hold above $0.3 for more signs of relief toward $0.4.

Weekly resistance for the price of CHZ – $0.3.

Weekly support for the price of CHZ – $0.23.

Price Analysis Of CHZ On The Daily (1D) Chart

Daily CHZ Price Chart | Source: CHZUSDT On Tradingview.com

The price of CHZ remains considerably strong in the daily timeframe as the price trades above $0.23 support after bouncing off from the region of $0.2.

If the price of CHZ holds above $0.23, we could see more rallies for the CHZ price; with the world cup getting closer, this could be a catalyst for the price of CHZ.

Daily resistance for the CHZ price – $0.3-$0.4.

Daily support for the CHZ price – $0.24.

Featured Image From Premium Times, Charts From Tradingview

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Chiliz Bulls Remain Watchful As CHZ Feeling Bearish Impulse

Since a prospective trend reversal appeared on the charts, Chiliz bulls have been hesitating. The Scoville Testnet’s fourth and final phase, Cayenne, was released by the Chiliz team on October 24. A new developer’s guide and associated GitHub repository were also made available.

In addition to this, Chiliz has seen other positive changes. The token issued by the Italian Football Federation has just been offered on many cryptocurrency platforms. A few days ago, Chiliz also launched ChilizX, a token exchange specifically for Chiliz fans.

The network’s native coin, CHZ, is experiencing strong bearish momentum as of this writing, despite encouraging indicators of growth for the network and the token.

However, with the FIFA World Cup just around the corner, the question remains: will suffering befall CHZ? Or, will the cautious bulls finally find some respite?

The Technicals Aren’t Looking So Rosy

CoinGecko reports that while CHZ has depreciated over the past 24 hours, it has gained almost 13% over the past week and 2.4% over the past two weeks. Long-term investors are responsible for this trend.

An inverted triangle formed as a result of previous price activity, adding weight to $0.2078 as a point of imminent resistance. As the commencement of the FIFA World Cup is expected to drive up the price of CHZ, this could be an issue for long-term investors.

As of this writing, the CMF index is 0.18, indicating that bulls continue to control the market. However, this positive CMF value could be surpassed by a bearish Stoch RSI cycle. The link between CHZ and BTC is also strengthening.

The current correlation coefficient between CHZ and BTC is 0.49, indicating that CHZ will track Bitcoin’s price fluctuations relatively closely. Nevertheless, despite the bearish Stoch RSI cycle, the momentum indicator favors the bulls.

Chiliz: Reluctance Unwarranted

The charts seem to show that the bulls’ current reluctance is mostly unwarranted. The bearish Stoch RSI cycle could drag the price of CHZ below its present support of $0.1863, though.

The exchange reserves of CHZ decreased by 4.3% in the past 24 hours, but increased by 13.77% in the past week, according to CryptoQuant statistics.

In order for the bullishness to continue as the trading day progresses, CHZ must conclude with a lengthy bottom wick. Currently, this may be the case, as CHZ is trading at $0.1903 with a red candle that has a lengthy bottom wick.

CHZ market cap at $1.2 billion on the daily chart | Featured image from Somag News, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Chiliz Social Mentions Hit Highest Level In Last 90 Days – Can CHZ Price Be As Hot?

Recent weeks have seen a dramatic increase in social mentions of Chiliz, data compiled by LunarCrush show. Its token’s 90-day high made it big in the latest social mentions.

Market insights tracker LunarCrush cited this figure (9.46k) as one indicator to keep an eye on when considering an investment in Chiliz.

The approaching 2022 FIFA World Cup may help explain the increase in social media buzz. This is due to the fact that the CHZ token has a practical application in the realm of sports.

Will the increase in social media references lead to an upswing with less than a month until the start of the much-hyped global sports spectacle?

As of this writing, CHZ is trading at $0.193980, down 9.5% in the last seven days, data from Coingecko show, Friday.

Chiliz Jargon And All The Talk

Data provided by CryptoQuant shows that CHZ’s foreign exchange reserves have decreased by 0.72% over the last seven days.

The fact that investors appear to be buying CHZ with the intention of keeping it for the long term is a very optimistic indicator.

The high number of persons depositing to exchanges , which can be observed with the exchange depositing transactions tool, more than makes up for this.

Chart: TradingView

Previous and current price movements exhibit a head-and-shoulders harmonic pattern, which typically occurs just prior to a trend reversal. In both intraday and 4-hour periods, the coin is currently experiencing a significant free fall.

Chaikin’s money flow indicator likewise deteriorates, falling to -0.34 as well. A sign that bears are dominant in the current time frame. The bull-bear strength signal is negative, and bears are currently attacking the market.

With the present speed of the wild decline, a trading day close below the 61.80 Fibonacci level is anticipated.

Can CHZ Still Spice Up The Situation?

CHZ is presently in one of the worst possible situations for a cryptocurrency. With the $0.28 resistance displaying strength and the $0.18 support line having been breached, a decline towards the key $0.14 level is expected.

However, if the 61.80 Fibonacci level mitigates the present slump, the $0.18 or $0.21 immediate resistance levels could be tested or broken. Things don’t seem to look good for the bulls at this moment.

Long-term investors are in trouble as this decline has broken the ascending triangle pattern. The 20-day to 100-day DEMA all support this tendency. As the FIFA World Cup approaches, a trend shift may occur during the next few weeks.

CHZ market cap at $1.16 billion on the daily chart | Featured image from The Coin Republic, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.