Last Updated on November 8, 2022 by Bitfinsider
Chiliz, the leading sports altcoin, has been chilling with remarkable gains over the previous week. Despite trading in the red zone for the majority of today, CHZ had gained over 30% in the past week. It continues to sparkle as the FIFA world cup approaches. As the official blockchain partner of FIFA, the ecosystem will likely be bustling with activity during the event.
In just one week, CHZ’s price increased by more than 30 percent. Beginning on October 31 at $0.216, it reached an intraday high of $0.295 on November 7.
The inverted head-and-shoulders pattern consists of three consecutive bottoms with the head and shoulders in between. A shared Neckline connects the three dips. As the pattern develops, the three dips and subsequent retracement to the neckline are produced.
Moreover, the pattern predicts an increase if the token breaches the top limit. The CHZ/USD exchange rate might reach $0.901 if CHZ bulls realize gains of up to 210%. CHZ has been trading close to the pattern’s neckline recently. If CHZ’s price breaks out and maintains a position above the trendline, it should attract buyers and result in more price increases.
The impending FIFA World Cup may inspire optimism in the price of Chiliz. The platform markets itself as a fan token, with sports fans as its target demographic. As a result, CHZ has experienced enormous price increases in preparation of the upcoming event. The CHZ token enables people to participate more actively in the daily activities of their preferred sports clubs. This offers extra revenue sources for companies that sponsor the teams. Therefore, even if CHZ falls as a result of an overbought RSI, the token’s bullish momentum remains strong due to the World Cup.
Moreover, a number of national football teams participate in the highly anticipated competition have issued football fan tokens. This consists of the Spain National Football Team Fan Token (SNFT), the Portugal National Football Team Fan Token (POR), and the Argentine Football Association Fan Token (ARG).
All of these tokens are made possible via Socios, Chiliz’s platform for football fan tokens (CHZ). However, this year 32 nations are participating in Doha for the tournament. Consequently, the value of the football tokens held by national teams is strongly dependent on two variables. The first is the performance of the teams on the field, and the second is the support they receive from their most devoted fans.
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