Chiliz, the most popular blockchain in sports and entertainment has posted 29% increases over the week. CHZ traded below $0.2 for most of October. The token broke through this barrier in the final days of October. The token reached a local new high today of $0.2524. It is the first time that CHZ has reached this level in 30 days.
Several developments are responsible for CHZ’s recent growth. The first is Cayenne which was released by the blockchain. Scotville testnet’sThe fourth and final stage. The FIFA world cup will also kickoff in November. Being the football organization’s official crypto token, market participants expect an increase in demand during the period.
The Upcoming FIFA World Cup Tournament Will Cause CHZ to Soar
The next edition of the FIFA World Cup will be the tournament’s 22nd iteration and will be held in Qatar. The tournament will be held from November 20 through December 18, and last 28 days. Fan tokens have been gaining in value as the tournament draws near. They are expected to surpass meme coins such SHIB and SHIB. Demand for CHZ on the Chiliz network may remain strong thanks to the tournament’s offers.
The platform Chiliz allows sports enthusiasts to get involved in their favourite teams. You can get monetary incentives and tickets for events. The value of Chiliz’s native cryptocurrency, CHZ, has increased by 29% over the past week. It is mainly due to increasing acceptance of blockchain technology for the sports sector. CHZ token can be used as an internal currency or as a way to exchange fan tokens between users.
CHZ, in the context FIFA World Cup 2022 is the Only cryptocurrencyThese cryptocurrencies will be used directly by the fans. Other cryptocurrencies will also be on the market, though in limited capacity, sponsors. Crypto.com, the first cryptocurrency company to announce its existence to the general public. Sponsorship of a tournamentFebruary 2022. Crypto.com has been a well-known brand sponsor for many sports including Formula 1 racing and Italian Serie A. Source: CHZUSD price chart from TradingView.com
The Charts on Chiliz’s Next Price Movement
Chiliz currently has a value of $0.2524 and trade volume in excess of $460million over the past 24 hours. It has gained 4.04% in the past 24 hours. It The day beganThe local high was achieved by trading at $0.2613 The traders expect an increase in price over the coming days. It is due to the token converting its $0.2345 resistance line into support. This keeps the currency at current levels. A 4-hour CHZ/USD chart trending higher suggests that CHZ is on a positive path.
CHZ/USD has completed a 23.6% Fibonacci-retracement. A bearish break below $0.2345 could reduce the price to 38.2% Fib. Market uncertainty is possible due to conflicting buy-sell zones for the MACD and RSI indicators. The key level at $0.2345 that will influence buying and selling decisions over the next few days is therefore important.
Featured image by Pixabay, chart from TradingView.com