Chiliz price prediction remains bearish, as CHZ fell nearly 8% to trade at the $0.1880 level. Before the 2022 World Cup in Qatar, Chiliz pricing was gearing up for a confrontation. Since the FTX collapse, the leading blockchain and fintech provider for sports and entertainment tokens has made a strong comeback.
CHZ has been trending upward since breaking through support at $0.145. However, it has fallen by more than 8% today and is now trading at $0.2100. CHZ/USD opened the day at $0.1971 on November 21, reaching a high of $0.2012 and a low value of $0.1850. Chiliz is currently trading at $0.184, down 7% in the last 24 hours.
Football Fans and Crypto Investors
The 2022 FIFA World Cup kicked off the football season, and cryptocurrency investors are hoping to acquire non-fungible tokens and fan tokens representing their favorite football clubs. According to a poll conducted by the cryptocurrency exchange KuCoin, approximately 48% of football fans are interested in trading fan tokens for their favorite clubs.
The survey was conducted among 20,180 cryptocurrency investors between January and September 2022, and 8,022 KuCoin community members in November 2022. Football is a passion for four out of every ten investors in France, Spain, Vietnam, Germany, and Brazil.
Furthermore, Socios.com, the largest platform for creating sports fan tokens, is reaching out to fans with its native Chiliz blockchain (CHZ) token, which powers the platform.
FIFA World Cup Qatar 2022
Chiliz pricing was preparing for a brawl ahead of the 2022 World Cup in Qatar. The top blockchain and fintech provider for sports and entertainment tokens has made a strong recovery since the FTX crash. The FIFA World Cup Qatar 2022 kicked off on November 20, 2018. It is one of the largest sporting events in history, with 32 teams taking part. C
HZ, a sport utility token, may see significant growth in the coming month. Chiliz had a small price increase prior to the first match between Qatar and Ecuador before giving up all of its gains and losing money due to the liquidity issue that was delaying the cryptocurrency market’s recovery.
The main question is whether CHZ/USD will continue to rise throughout the 2022 FIFA World Cup.
Chiliz Network Development
Chiliz has seen an increase in investor interest in its native cryptocurrency, CHZ, as a result of its involvement with sports tokens. In addition, the FIFA World Cup is in full swing. Alexandre Dreyfus, the network’s CEO, took advantage of the opportunity to explain why Chiliz has a bright future as the blockchain sector seeks to expand through sports.
Chiliz’s CEO observed that many NFT initiatives are ineffective, which causes supporters to lose interest. He believes that NFTs could be an excellent way to keep fans involved and engaged. Dreyfus added that scaling may not be an NFT’s strong suit. Instead, he asserted that using fan tokens is an excellent way to scale a team. Because they are fungible, teams can use them to build strong digital communities.
Furthermore, Chiliz’s CEO stated on November 18 that “$CHZ will transition from being a token to a network” and that there is a lot of excitement about the token and the Chiliz chain 2.0, which will be released in a few weeks.
Chiliz has made it easier for a variety of sports teams to create and distribute fan and entertainment tokens. The network has formed several partnerships with some of the world’s most prestigious sports organizations. As a result, the demand for its services has grown. However, the CHZ/USD price movement has not reflected this.
Chiliz Price Prediction – What Could Drive an Uptrend?
Technically, the CHZ/USD pair dropped to $0.1810 after failing to break above a major resistance level of $0.2195. A double-bottom pattern has already been violated and now a double-bottom pattern is extending support near $0.1810.
CHZ/USD Price Chart – Source: Tradingview
On the upside, the CHZ/USD pair’s immediate support is at $0.1811, and a break of this level is likely to send the CHZ price to $0.1455. Because the RSI and MACD are in a sell zone, investors should look for sell trades under $0.1810 or $21.90.
Related news:
- Chiliz Price Down 15% as World Cup Begins – Buy The Dip
- Chiliz Price Prediction – Here’s Why You Should Be Bullish on CHZ Going to $1
- Where to Buy Chiliz 2022 Guide
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