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Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment

Chiliz(CHZ) is trading in the red today, down by over 4% in the last 24 hours. This trend broadly reflects the global crypto market cap, down by 0.57% in 24 hours. 

However, despite the price drop, Chiliz’s trading volume is up by 39% at press time, which could influence its price action soon.

CHZ traded at $0.1011 on January 1, 2023, before it moved to $0.1202 on January 10. Since then, it has experienced extreme price volatility, peaking at $0.1577 on February 8 for the first time in 2023. However, the bears have prevailed on its price, returning it to $0.1075 today.

CHZ Price Prediction

CHZ is in a downtrend momentum, forming a fourth consecutive red candle. It has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

Related Reading: Bitcoin Price Blasts Above $28,000 Following 4.9% April CPI Report

Also, its Relative Strength Index (RSI) is 28.15, firmly in the oversold region below 30. It implies that the bears are in control of their price movement. The RSI is still moving downwards, suggesting further price decline for the asset in the short term. However, since the asset is oversold, a retracement is likely if it can rally from its closest support level.

CHZ’s Moving Average Convergence/Divergence (MACD) is below its signal line and showing negative values. It also reflects the prevalent bearish trend. Also, the histogram bars are at full strength and bearish.

Chiliz (CHZ) Price Nosedives Indicating A Strong Bearish Sentiment

CHZ is rapidly approaching the $0.108 support level and a drop below this will send the asset’s price into free fall to record lower lows.

The bears at the $0.11685719 resistance level are active and resisting a rally for the asset. But CHZ is already in the oversold region and will probably reach a point of consolidation soon. 

Chiliz’s Web3 Moves For The Sports Industry Might Push More Adoption

Chiliz Chain is a layer-1 blockchain compatible with the Ethereum Virtual Machine. Chiliz aims to become the hub for leading sports brands in Web3. Socios.com is the existing Chiliz sports network with a growing community.

Also, Chiliz hopes to partner with other sports brands and unite fans and communities using fan tokens and Web3 technology. 

Chiliz Labs will support sports blockchain projects hoping to develop on the blockchain. According to their mission, they hope to unveil a wide range of Web3 sports projects, AI-based content, 3D digital sports gear, and NFT tickets. 

These activities will likely help the token’s price action since Web3, sports, AI, and NFTs are areas of interest in the crypto community.

Featured image from Pixabay and chart from Tradingview.com

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The NFL’s First Team To Accept Crypto? The Tennessee Titans

The Tennessee Titans will be the first NFL team in the league to accept cryptocurrency payments, according to emerging reports. While details are limited, it’s now known that the club will utilize a third-party payments provider to allow for larger, recurring purchases via Bitcoin.

It’s unknown who exactly that payment provider is, if other crypto token payments will be supported now or in the future, and a timeline for such support (as well as potential timelines for broader support for more simple transactions like one-game tickets). Nonetheless, it’s still substantial news for a league that has historically been hesitant in allowing crypto integration.

The NFL’s Opening Up? 

In recent weeks, new reports emerged that the NFL would lighten it’s restrictions around cryptocurrency deals for clubs, while still keeping some gates involved; while teams could now form cryptocurrency partners, there would still be restrictions around stadium signage and deal-length (capped at three years). Nonetheless, this still showed a signal that the league was warming up to crypto-related deals. To date, the NFL has sought out a stiffer stance on crypto deals, relative to most other leagues, that have engaged through a variety of sponsorship channels – from league-wide deals to individual team jersey sponsorships.

For the Tennessee Titans, while the functionality of Bitcoin-supported payments will only be available for large and recurring payments, the team has expressed a desire to have payment support for everything from tickets to merchandise and in-game food and beverage. Nonetheless, the move still secures the Titans as the first team in the NFL to accept crypto payments in any capacity. In the near-term, expect major payments for things like season tickets, suites, etc. to be the major crypto-related revenue for the team.

Adoption news has left BTC charts unbothered. | Source: BTC-USD on TradingView.com

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Tennessee Titans Joining The Short List

The Tennessee Titans join an exceptionally short list of professional teams in the ‘big four’ of sports leagues (NFL, NBA, NHL, and MLB) that accept crypto payments; the MLB’s Oakland Athletics and the NBA’s Dallas Mavericks and Sacramento Kings are the only major league clubs in the U.S. to make active strides in accepting crypto payments.

Expect this list to continue to grow, particularly as broader industry partnerships come to life – such as the recently announced Strike & Shopify deal. As crypto payments continue to see broader adoption, and as crypto exchange and blockchain technology sponsorship deals continue to grow and evolve, there be an increasing amount of clubs and even leagues that feel that there is a slice of the pie that they’re missing out on.

Related Reading | Mike Novogratz Doubles Down On $500,000 Bitcoin Prediction

Featured image from Pixabay, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.