Jacob Bury
Chiliz (CHZ) crypto is currently up 9.85% from where Bitcoin crossed the 200-week moving average on the 13th June 2022. At present, Chiliz is trading in a horizontal consolidation channel, this reflects buying and selling pressure is equal.
It seems CHZ has also written in a lot of support around $0.085. We’ve seen 3 consecutive bounces from this level in the past 4 weeks and it is critical to hold this level.
According to Coingecko we have corrected around 89.6% from the all time high of $0.87. Do these nostalgic bear market prices offer strong investment opportunities and will we bounce here?
Cryptoassets are a highly volatile unregulated investment product.
Chiliz (CHZ) Crypto Price Prediction 2022
From a technical analysis perspective Chiliz cryptocurrency has been in a major long-term downtrend since April 2021. However, there are some indicators that suggest we may see the inception of an impulse to the upside quite soon.
I believe the bullish indicator is most distinguished looking at the relative strength index. Evaluating the daily time-frame charts we can see the CHZ has only seen the RSI (relative strength index) go below 30 five times in the last year.
Chiliz Crypto – Tradingview Daily Time Frame
Previously every time we reach the oversold territory of the RSI (blue vertical line) we see the beginning of a new impulse wave. Generally, this is following extreme fear in the market and as a result we see bullish price momentum.
We can see that the previous time CHZ crypto was oversold, the following pump resulted in returns of 96.68%. It leaves us to speculate whether Chiliz crypto may soon see a pump to the upside, even if it is a diminished one.
I think a pragmatic target over the next few months for Chiliz would be looking at the $0.13 price level. This would result in a 43% pump to the upside from current trading prices.
This would also take us to the resistance trend line of the horizontal channel that we are trading in. This could be an ideal level to potentially look at taking profits.
Chiliz is currently rank #66 on Coinmarketcap and has a market capital of $558 million at the time of writing this article. The previous market capital all time high for Chiliz was $4.32b suggesting it was a very strong performing altcoin. The maximum supply of CHZ is 8,888,888,888 coins and currently we have 68% of them in circulation.
Seeing that now we have seen a 89% correction, it leaves us wondering if the project is currently undervalued and looking strong to accumulate. Usually the best investment strategy is applying the long-term hodl strategy. This requires patience and accumulating within the bear markets.
What is Chiliz (CHZ) Crypto?
Chiliz is a flagship digital currency in the sports and entertainment industry. The team behind this are a Malta based FinTech provider. Their unique selling point is their blockchain-based sports entertainment platform Socios. This allows the community or users to participate in governance of their most loved sports brands. Fan tokens provided by Socios are an example of this. For sports clubs and associations, fan tokens make it possible to connect with their fans and generate new revenue streams.
The project aims to alleviate the gap between active and passive fans. CHZ has also developed some major partnerships with some of the largest sporting institutions across the globe. Some of these include: FC Barcelona; Juventus Turin; Manchester City and Paris Saint-Germain. Chiliz cryptocurrency also has strong relationships with gaming organizations and the UFC industry.
Purchasing CHZ allows fans to obtain a hybrid of fan tokens and basically have a stake in their club. Football is one of the most popular sports across the globe and blockchain is a booming sector.
Cryptoassets are a highly volatile unregulated investment product.
Chiliz (CHZ) Price Prediction 2024-2025
Ultimately Chiliz can be identified as the world’s leading blockchain fintech provider for sports and entertainment. Both the blockchain and entertainment sectors are massive and the growth potential is huge.
With the popularity of sports and football, it is hard to believe that this project will get left behind in the bear markets and see insolvency.
Personally I think 2022 will be a tough year for the majority of crypto and altcoins, but once we see recovery we could see some very bullish price targets.
We can use the Fibonacci extension tool to gauge where the price of Chiliz could go in the next 2-3 years. This would require a long crypto winter and a large amount of accumulation from retailers and investors.
Chiliz Crypto – Tradingview 4-hour Time Frame
We can look at the above Fibonacci extension levels as pragmatic targets for 2024-2025.
- 1.272 Fib level – $1.03.
- 1.414 Fib level – $1.13.
- 1.618 Fib level – $1.28.
It is hard to pinpoint when we will see the next crypto bull run. For now, many macro-economical factors and indicators tell us that we are due a long crypto winter. Although, we should remember that the bear markets usually offer a great amount of return on investment and could allow you to generate life changing wealth.
Chiliz are at the top of their game and I think it will maintain its position as a flagship digital currency in sports and entertainment. With this in mind, CHZ could be a very strong project to potentially start accumulating now.
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This article was written for Business 2 Community by Jacob Bury.
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