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%.
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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.
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.
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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.
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