Chiliz is the most popular sports altcoin and has enjoyed impressive gains in this week. CHZ is still enjoying over 30% growth in seven days despite trading in red. The FIFA world cup is getting closer, and CHZ continues its shine. As FIFA’s official blockchain partner, there’s bound to be massive activity in the ecosystem throughout the tournament.
This period has seen a lot of mentions about top-50 cryptos via Twitter and other social networks. There’s a potential that CHZ is heading for a breakout. The charts however show it is in the overbought area. Will it shine until November’s end?
CHZ Charts suggest a bullish future
CHZ’s price rose by more than 30% in only one week. The price of CHZ rose from $0.216, on October 31, to $0.295 intraday on November 7. After forming the bullish pattern called “The” on October 31, it rose to $0.295 on November 7. Shoulde and head in the opposite directionr (IH&S).
The inverted Head-and-shoulders Pattern consists of three bottoms with the head in the center. An interconnected Neckline connects the three dips. As the pattern evolves, the three dips are followed by a retracement back to the neckline.
The pattern also predicts that the token will rise once it reaches the upper limit. CHZ bulls could see gains up to 210%. This would result in a CHZ/USD rate of $0.901. Source: CHZUSD price chart from TradingView.com As of late, CHZ has been trading close to the pattern’s neckline. If CHZ’s price breaks out and stays above the trendline, it should attract buyers and lead to more price gains.
Fan Tokens Help CHZ Surge As World Cup Approaches
Chiliz may feel positive about the forthcoming FIFA World Cup. It is marketed as an app for fans, with most of its audience being sports enthusiasts. The anticipation of the event has led to huge increases in CHZ. Users can use the CHZ token to be more involved in day-to-day activities of their favorite sports teams. Sponsoring the team generates revenue streams that can be used to increase sponsorship revenues. Even if CHZ falls due to an overbought RSI token, it still enjoys strong positive momentum thanks to the World Cup.
Many national football teams participating in this highly anticipated tournament also have their fan tokens. These include the Spain National Football Team Fan Token, Portugal National Team Fan Token and the Argentine Football Association Fan Token.
Socios is the platform that allows football fans to purchase tokens. It’s powered by Chiliz (CHZ). There are 32 countries competing in Doha for this year’s championship. Two factors are crucial in determining the value of the football tokens that the national teams hold. First, how successful the national teams are on the field. Second is their support from diehard fans.
Featured image by Pixabay, chart from TradingView.com