Chiliz (CHZ) Continues To Soar Despite Pullback From Three-Month Trendline

Chiliz (CHZ), an ERC-20 token, marks a 25% increase within 24 hours, making it one of the best-performing cryptocurrencies today. The token’s price climbed and hit close to breaking its resistance level of $0.2300 at $0.2284.

However, after falling from that position, which was viewed as only a pullback from its three-month trendline resistance, it has now plunged back toward the bears and is currently trading around $0.2224. Additionally, its 24-hour gains also changed direction to ride backward.

Source: Tradingview

A convincing rebound from the $0.1545 support position led to $0.29, a 7-month high, on November 7th. However, it ran into heavy resistance at the three-month trendline and was unable to maintain its upward momentum.

According to CoinMarketcap’s statistics, CHZ is currently at a gain of about 13.00% in 24 hours, while it is showing a loss of about 8.16% in the last seven days. Additionally, the token’s market cap shows a significant increase of 12.60%, bringing its worth up to $1.35 billion within the past 24 hours.

However, Chiliz’s price is forecasted to cost $0.22 by the end of 2022, a 24% decrease from this year. The price will grow by 48% from its current level to $0.32 in the first half of 2023 and $0.32 by the year’s conclusion.

Chiliz Growths Key Drivers

On November 9th, an update from Chiliz announced that all fan tokens would merge into one blockchain, and it happened as part of the transition to Chiliz Chain 2.0 – an upgraded and improved version of Chiliz Chain.

The blog post claimed that the chain is currently in the testnet stage and will go through a total of six phases before launching the mainnet.

According to the official announcement:

The new Chiliz Chain utilises a Proof-of-Staked-Authority (PoSA) consensus which offers optimal scalability, a governance structure, staking, speed, expanding the utilities of CHZ as well as Fan Tokens.

Along with the debut of a new chain, Chiliz also announced the opening of ChilizX, a cryptocurrency exchange that exclusively accepts Fan Tokens.

The exchange will provide a trading platform for 59 different Fan Tokens, including those for Barcelona’s BAR, Manchester City’s CITY Fan Token, and Paris Saint-Germain (PSG).

Although a bullish price trend was anticipated in response to the upgrade announcement, it failed to occur due to the collapse of the global cryptocurrency market.

Moreover, as per Santiment statistics, the number of daily active CHZ addresses peaked this year, which helped support an increase in prices. Despite the price beginning to decrease, active users increased daily. 

Source: Sanbase

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Saeed Ul Hassan: Saeed Ul Hassan got into the crypto world since 2012. He, in fact, works as a data executor for big firms but finds cryptocurrencies very exciting and hence has been involved for an accountable time now. Saeed started traded digital assets amid the entrance to the crypto market and now writes, too. He specializes in technical analysis.