A cryptocurrency connecting fans with their favorite sports teams
Chiliz (CHZ) is a cryptocurrency designed to provide sports fans with unique interactions with their favorite teams. It was developed by Socios.com, a fan engagement platform that offers sports & entertainment organizations blockchain-based tools to better engage with and monetize their audience.
Chiliz has become a prominent figure in the global sports industry, with the most popular sports teams allowing their fans to use CHZ tokens to buy Fan Tokens. Well-known clubs like Barcelona, Paris Saint-Germain, Juventus, Manchester City, Atlético de Madrid, Inter Milan, Arsenal, Roma, Golden State Warriors, Aston Martin Cognizant Formula 1, OG, CAI, UFC, and many others have partnered with Chiliz.
Each partnering team has the ability to customize their own Fan Tokens, and these tokens give holders a say in team decisions such as choosing new uniform designs or celebration songs.
The total supply of CHZ is capped at 8.8 billion tokens, and once a fan purchases CHZ tokens, they can use them to acquire Fan Tokens for their favorite teams on Socios.com. CHZ tokens are available for purchase on the platform’s exchange, Chiliz.net, as well as on many popular cryptocurrency exchanges.
Potential upcoming changes?
Chiliz has substantial growth potential, with the project gaining popularity worldwide. Fans who wish to directly influence their favorite teams can find value in the CHZ token. The beginning of 2023 has been quite successful for Chiliz (CHZ), with the price surging by more than 60%.
However, investors should continue to approach with caution due to the ongoing uncertainty in the macroeconomic environment, which may limit potential gains in the short term.
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, noted that the U.S. stock market could experience further losses in the coming months, and it’s important to consider that the crypto market has shown a high correlation with U.S. equities. If the macroeconomic situation improves, McGlone expects the cryptocurrency market to outperform many stock indices.
“The U.S. stock market might see additional losses, and in such a scenario, cryptocurrencies could follow suit and test their critical support levels. A ‘real recession’ for digital assets could lead to ‘lower asset prices and higher volatility.’”
– Mike McGlone, Senior Macro Strategist, Bloomberg
Lisa Shallet, CIO at Morgan Stanley Wealth Management, shared that the current U.S. equity dynamics suggest a liquidity-driven speculative rebound within a bear market, rather than the start of a new bull market. While bulls continue to drive the price of Chiliz (CHZ) upwards, the high volatility of cryptocurrencies may prompt investors to sell if the market experiences another downturn.
Technical outlook for Chiliz (CHZ)
Chiliz (CHZ) has surged more than 60% since the start of January 2023, climbing from $0.099 to a high of $0.164. The current price of Chiliz is $0.162, and as long as the price remains above $0.150, there are no signs of a trend reversal, keeping the price in the BUY-ZONE.
Key support & resistance points for Chiliz (CHZ)
The chart below (from April 2022 onward) highlights important support and resistance levels that traders can use to anticipate price movements. Technical analysis shows that bulls remain in control of the price action for Chiliz (CHZ). If the price surpasses $0.18, the next resistance target could be at $0.20. The current support level is $0.15, and if the price falls below this, it could trigger a “SELL” signal, with a potential drop to $0.13. If the price falls below $0.10 (a strong support level), the next target could be as low as $0.09 or even further.
Factors supporting a price increase for Chiliz (CHZ)
The volume of CHZ being traded in recent hours has significantly increased, and if the price breaks above $0.18, the next resistance target could be at $0.20. Traders are actively buying Chiliz (CHZ) despite potential market turbulence, and from a technical standpoint, CHZ still has room to move higher.
Traders should also be aware that Chiliz’s price is closely tied to Bitcoin. If Bitcoin rises above $25,000, it could push Chiliz to higher price levels as well.
Warning signs for a price decline in Chiliz (CHZ)
The start of 2023 has been strong for Chiliz (CHZ), but investors must maintain a defensive stance due to the uncertain macroeconomic environment. Economists have warned that a global recession may be on the horizon, and many believe the price of Chiliz could fall back to December 2022 levels.
The current support level for CHZ is $0.15, and if the price drops below this, the next target could be $0.13. Since Chiliz’s price is also correlated with Bitcoin, a drop in Bitcoin’s price below $22,000 could negatively affect Chiliz’s value as well.
Nerîn û analîzên pispor
Major central banks continue to pursue aggressive measures to curb inflation, and hebûnên rîsk-li ser, such as cryptocurrencies, could be negatively impacted under such conditions.
Many analysts are warning that the Federal Reserve will maintain high interest rates for an extended period, and according to IBES data from Refinitiv, analysts expect S&P 500 earnings to decline by 3.1% in the first quarter and 2.9% in the second quarter compared to the previous year.
A surprisingly strong jobs report last week could prompt more aggressive actions by the Fed to combat inflation, and as a result, analysts predict a recession that could further impact both stocks and cryptocurrencies.
Ava dikan: Cryptocurrencies are extremely volatile and may not be suitable for all investors. Never invest more than you can afford to lose. The information provided on this site is intended for educational purposes and should not be interpreted as investment or financial advice.
