Chiliz (CHZ) is a digital currency that powers the sports and entertainment platform Socios.com, where fans can buy and use fan tokens to interact with their favorite teams and celebrities. CHZ has been one of the best performing cryptocurrencies in the past week, gaining over 10% and reaching a new monthly high of $0.1273 .
What are the factors behind this rally and what is the outlook for CHZ in the near future? Let’s take a look at some of the key aspects of CHZ price analysis.
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Current Price Analysis
As of 18 Feb 2024, CHZ is trading at $0.1163. The current market capitalization of CHZ is $1.03 billion. The 24-hour trading volume of CHZ is $122.9 million, indicating a high level of interest and liquidity in the market.
Breakout.
The price of CHZ has been following an uptrend since the beginning of February, supported by a series of positive news and developments for the Chiliz ecosystem.
Weekly Price Analysis
Looking at the weekly chart of CHZ, we can see that the price has broken above the resistance level of $0.1, which had been acting as a barrier since November 2023. This indicates a bullish breakout and a possible start of a new uptrend. The price has also crossed above the 50-week moving average (MA), which is a sign of a long-term trend reversal.
The weekly relative strength index (RSI) is at 63, which shows that the price is in a bullish momentum, but not yet overbought. The weekly stochastic oscillator is at 80, which suggests that the price is near the top of its range, but still has some room to grow. The weekly MACD histogram is positive and increasing, which confirms the bullish strength of the price.
The next resistance level for CHZ is at $0.15, which is the 38.2% Fibonacci retracement level of the downtrend from the all-time high of $0.8786 in March 2021 to the all-time low of $0.0041 in September 2019. If the price can break above this level, it could target the next resistance at $0.2, which is the 50% Fibonacci retracement level. On the downside, the support level for CHZ is at $0.1, which is the previous resistance turned support. If the price falls below this level, it could test the next support at $0.08, which is the 20-week MA.
Future Outlook
Chiliz has established partnerships with some of the biggest and most popular sports clubs and organizations in the world, such as FC Barcelona, Manchester City, Juventus, Paris Saint-Germain, UFC, and more. These partnerships enable Chiliz to offer fan tokens that allow fans to participate and influence club-related decisions, as well as access exclusive rewards and experiences.
Chiliz is also expanding its scope to other sectors, such as music, gaming, esports, and celebrities. For instance, Chiliz has launched fan tokens for the rapper Snoop Dogg, the DJ Steve Aoki, the gaming platform Enjin, and the esports team OG. These fan tokens provide new ways of engagement and monetization for the artists and creators, as well as the fans and supporters.
Chiliz is also at the forefront of the NFT revolution, as it leverages its Chiliz Chain 2.0 to create and trade digital collectibles and memorabilia. Chiliz has launched NFTs for various sports stars and events, such as Lionel Messi, Cristiano Ronaldo, Formula 1, and more. These NFTs offer unique and scarce digital assets that capture the moments and achievements of the sports legends and icons.
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