Chiliz CHZ/USD has weakened from $0.43 below $0.25 since the beginning of December 2021, and the current price stands at $0.30.
The cryptocurrency market remains under pressure this Saturday; Bitcoin went below the strong support that at $50000, and the price of Chiliz can weaken even more in the upcoming days.
Sports fan engagement platform
Chiliz developed the Socios.com sports fan engagement platform that provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences.
Chiliz is a rapidly growing phenomenon, sweeping across the international sports industry and the most famous sports teams that have branded Fan Tokens include Juventus, Manchester City, F.C. Barcelona, Paris Saint-Germain, Atlético de Madrid, Inter Milan, Arsenal, Roma, OG, CAI & UFC, and lots of others.
Socios.com currently has more than 1.3 million users, while more than a hundred major sporting organizations worldwide have already partnered with Socios.com.
According to the latest news, Chiliz will be the Official Partner of the 2021 Ballon d’Or Awards. Alexandre Dreyfus, Founder and CEO of Socios.com and Chiliz, said:
We are delighted to be partnering with the Ballon d’Or, the most prestigious individual awards ceremony in football, and to be part of a ceremony that has become one of the most anticipated events in the sports calendar.
$CHZ is exclusive on-platform currency, and it is important to say that Fan Tokens bought on Socios.com allow users to influence their teams.
The cryptocurrency market is losing its value this Saturday, the price of Chiliz (CHZ) can easily back below the $0.20 support level, and probably it is not the best moment to buy this cryptocurrency.
From its peak of $69,000, Bitcoin is currently down more than 30%, and the upcoming days may bring more pain for the cryptocurrency market.
Bears in control of Chiliz
Chiliz has weakened from its record highs above $0.98, registered on 12th March, to $0.16, while the current price stands at $0.30.
Chiliz remains in a bear market, and traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high.
The strong support level for Chiliz stands at $0.20, and if the price falls below it, the next price target could be around $0.15 or even below.
On the other side, if the price jumps above $0.40, it would be a strong “buy” signal, and we have the open way to the $0.50 resistance level.
Summary
The cryptocurrency market has collapsed; Bitcoin went below $42000 for a moment, which also negatively influenced the price of Chiliz. For now, bears control the price action, the critical support level stands at $0.20, and if the price breaks it, it could be the beginning of a bigger downtrend.
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from Market Analysis – Invezz
