Chiliz Price Up 20.65% – Time to Buy Chiliz Coin?
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Despite the downturn in the cryptocurrency market, altcoins like Chiliz or CHZ coin have continued to post insane numbers. This is amid Bitcoin and Ethereum trying hard to get their head above water in a bear market.
Chiliz Breaks Through The Resistance Zone
Chiliz is an Ethereum-based digital token for sports and entertainment that powers the world’s first blockchain-based fan engagement and rewards platform Socios.com. Sports fans can buy and trade Fan Tokens, allowing them to partake in governance at their clubs. In addition, they also get rewards for surveys and polls.
Founded in 2018, CHZ coin has enjoyed a bullish run, with the wider crypto market surging to an ATH of $0.7562. However, it plummeted to $0.2155 during the May crypto market crash. But the stars are gradually aligning for the $2 billion blockchain protocol.
Breaking through its resistance level of $0.25, CHZ coin has risen 19.54% following news of Coinbase Pro adding support for the fan-focused token. It has since rallied to $0.3345, up 90% from its May low.
Chiliz also has good technicals pointing to a bull market. Its relative strength index stands at 53.55, showing a healthy take on the crypto asset. Its 20-day moving average (MA) support is also good, trading above the $0.27.
Looking at its long-term potential, CHZ coin is also performing well, trading above the 200-day MA support at $0.22. Its 9-day moving average convergence and divergence (MACD) also denotes a bullish trend, with the faster indicator surging to $0.009. Its directional movement index (DMI) also reinforces the bullish undertone at 28.225.
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Major Hotspot for Fan Tokens
Aside from the trading charts, the Chiliz blockchain has become the go-to destination for sports-centered businesses to launch their Fan Tokens.
Through its fan engagement app Socios.com, Chiliz has been able to attract the likes of FC Barcelona, Paris Saint Germain (PSG), Galatasaray. Italian clubs such as Juventus, AS Roma, and AC Milan also have dedicated fan tokens. Esports teams are also using the Chiliz blockchain with notable examples like Team Heretics.
Chiliz also offers an exchange where fans can trade their Fan Token against the CHZ pair. Alongside this, users can trade the CHZ coin against large-cap digital assets like BTC, ETH, and USDT. The CHZ coin wallet reportedly had about 400,000 wallets in March.
Chiliz is not settling for only enabling fan engagement. In its roadmap, the sports token is planning to launch a Visa-backed Socios.com debit card which it terms a “game-changer.” This will enable the seamless onramp of fiat into the Chiliz blockchain.
CHZ currently occupies the 51st position on the global crypto trading chart.
Sports World Embrace Blockchain
The global pandemic has seen many sports-related activities put on hold as the world grapples with the coronavirus.
The world of sports has seen revenue sources dry up and these clubs and associations are looking for ways to generate revenue in a highly competitive industry.
However, blockchain has come to the rescue and with crypto platforms like Chiliz offering a way for fans to stay connected while apart, many sports businesses are also switching to blockchain platforms.
Ultimate Fighting Championships (UFC) and Esports are quickly embracing blockchain technology. The National Basketball Association (NBA) is also keying into the crypto craze with digital collectibles of its in-game video moments.
Non-fungible tokens (NFTs) which are stored in the blockchain network, have exploded into the crypto scene after famous digital artist Beeple sold his 5000 Days artwork for $69.3 million.
NBA Top Shot has so far made over $700 million and more businesses are moving into the NFT space. With more growth potential projected for the sub-sector, more sports-inclined companies would look to adopt blockchain technology.
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