Connect with us

Crypto

Chiliz Price Forecast After the Market Capitalization Reached $3 Billion

Chiliz’s price tends to do well when fan tokens rise and vice versa. This explains why the CHZ price has been trending downward in recent months. This is because the prices of these tokens have been struggling overall.Recently, however, they have made a comeback in line with the general trend in the crypto market. Manchester City’s token has increased by 17% in the last 7 days.

Published

on

The price of Chiliz has been performing well in recent days as investors cheer the comeback of fan tokens and other cryptocurrencies. The CHZ coin is currently trading at around $0.325, which is its highest level since January 6th this year. From its low this year, the coin has risen more than 120%.

Read more about the price of Chiliz and find the most important business news in the world with the Born2Invest mobile app. Our companion app keeps its readers up to date with the latest market updates.

What is Chiliz and why is its price rising?

Chiliz is a leading blockchain project that focuses primarily on the sports and entertainment industry. The network provides a platform that allows teams and athletes to create and market their own fan tokens.

A fan coin is a cryptocurrency that allows sports teams to increase engagement with their fans. More specifically, fans can buy these coins to support the teams. In return, they often get the opportunity to vote on certain decisions. They also get discounts on the purchase of fan merchandise.

Chiliz has been adopted by some of the biggest sports teams in the world. For example, Manchester United, Paris Saint-Germain, Alpine F1, and FC Barcelona have their own fan coins. According to Fan Market Cap, there are now 63 fan tokens that have a total market cap of over $3.2 billion.

Chiliz’s price tends to do well when fan tokens rise and vice versa. This explains why the CHZ price has been trending downward in recent months. This is because the prices of these tokens have been struggling overall.

SEE ALSO  How to choose the right photos for your website & online brand

Recently, however, they have made a comeback in line with the general trend in the crypto market. Manchester City’s token has increased by 17% in the last 7 days, while FC Porto’s and AC Milan’s coins have increased by more than 20%.

Nevertheless, there was a challenge after Chiliz was accused of price manipulation on its Socios platform. Alexandre Dreyfus was accused of withholding payments to keep the CHZ price higher.

Chiliz price forecast

The daily chart shows that the CHZ price has seen a spectacular upswing in the last few days. Along the way, the coin has managed to move above the key resistance at $0.2380, which was the low on September 29th, last year.

Chiliz has also moved above the 25-day moving average line. In addition, the price has formed a rounding bottom pattern. Therefore, there is a likelihood that the price will continue to rise as the bulls target the next key resistance at around $0.50, which is 56% above the current level.

__

(Featured image by nmoodley via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.

Continue Reading