Chiliz Continues to Rise; Can CHZ Sustain the Recovery?

The most significant development helping to boost the outlook for digital asset sporting project Chiliz in 2022 is the launch of the Scoville testnet for Chiliz Chain 2.0. Chiliz seeks to combine the advanced Web 3.0 capabilities of high-profile sporting and entertainment firms to create NFT and fan tokens. Chiliz blockchain can also accommodate DeFi and dApps. Now Chiliz has established itself as the leading digital asset for sporting engagement, with the CHZ native token serving as the primary currency within the fan-oriented Socios platform. 

Game clubs have also used CHZ to create their very own fan tokens with pre-defined supply sizes, such as the PSG token. Chiliz can even allow staking, NFT minting, and support for decentralized services.

The market capitalization of Chiliz is $671,006,741 based on the active circulation. CHZ can also grow by attaining partnerships with renowned clubs and sporting agencies and including new features for its blockchain.

Chiliz hasn’t been able to mark a breakout and faces a challenge in overcoming the resistance that forced the previous consolidation in June to fail. Outlook seems consolidative with a negative bias till the prices surpass $0.13. Read CHZ price prediction to know when the token will cross this level.

Chiliz price chart

Chiliz’s token price trend is slightly positive concerning the daily charts, but comparing the resistance levels, the worst is far from over. CHZ token increased significantly from $0.08, but the trading near the resistance zone pushed the token value down.

CHZ requires a marginal movement to reach the lower band of its resistance zone. RSI indicator is showcasing a positive momentum as it is trending upwards and hence, the price might retrace its recent highs of $0.12, with a neutral sentiment from the MACD indicator. In case of failure or a strong profit booking wave, the support of $0.079 should hold.

Since the 50 EMA curve has already been breached, the next target of the 100 EMA curve would require another jump from current values. Transaction volumes for CHZ tokens have taken a hit compared to a week ago. Hence, buyers should take a look at prime technical indicators and candlestick patterns before entering into the CHZ token.

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