Chiliz Price Up By 10% – Time To Buy CHZ?

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Blockchain technology use case has grown beyond the Bitcoin network. It’s regularly being used to create a new financial system.

Another focus area has been sports, of which blockchain platform Chiliz has been making strides.

With more sports-focused businesses launching on the Chiliz blockchain by the day, CHZ has seen exponential growth in the last six months. This could be a good reason to buy CHZ, given its growing use case.

Chiliz: Empowering Fandom Through Blockchain Technology

Chiliz price charts July 15

Every sports lover knows how trying the last few months have been with restrictions imposed on social gatherings. Sports teams have also felt the brunt of the global pandemic keenly, with revenue sources drying up due to fans no longer being allowed into the stadium.

Chiliz has stepped in with a unique proposition, enabling fans to connect virtually to their teams all from the comfort of their smartphones.

Using blockchain technology, Chiliz provides sports and entertainment organizations with branded Fan Tokens through its fan engagement and reward app Socios.com.

This helps the clubs and businesses to interact and monetize their following in the face of the continuing pandemic.

Fans can also buy and trade their respective clubs Fan Tokens alongside participating, influence, and vote in club-focused surveys and polls.

This appealing compromise has seen major football teams like FC Barcelona, Real Madrid, Juventus, AC Milan, Manchester City, and several European teams launch their Fan Tokens on the Chiliz blockchain.

Other sports segments also join the bandwagon like Esport teams, and Professional Fighters League has also turned their attention to the Chiliz blockchain.

$CHZ powers the Socio.com app and the entire Chiliz ecosystem.

Chiliz also runs a stand-alone exchange where fans can trade their $CHZ tokens with popular cryptocurrencies like Bitcoin.

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$CHZ: Rallying Despite Market Downward Spiral

The cryptocurrency market is down 1.54% and has a total value locked (TVL) of $1.3 trillion. However, the nascent industry has seen better days than this after it rose above the $2 trillion valuations in early May.

The crypto market has been beset with several challenges lately, and a bearish trend has continued to rule the market for some time now. Even at this, $CHZ is thriving, rising above the bearish tide and blazing a trail for itself.

With a current price of $0.263586, $CHZ is up 10.47% on the daily trading chart. This rally has seen more investors scramble to buy $CHZ for the long term.

Meanwhile, $CHZ has always been a digital token with much potential. With the crypto market prepping for a major upside in mid-April, $CHZ rose to an all-time high (ATH) of $0.7739, surpassing its previous record of $0.7276 on March 12.

However, it could not sustain this price action and soon after that dipped more than 50% to $0.2191 on June 22.

CHZ Technical And Fundamental Analysis

On the technical side, CHZ is making a remarkable recovery rising above the 20-day moving average (MA) support price of $0.2439, indicating a bullish market.

Its relative strength index (RSI) is also strong, standing at 52.62, meaning trading above the oversold level.

The blockchain’s growing adoption has market experts excited, with Wallet Investor putting its one-year growth at $0.660 and a five-year surge at $2.265.

Even though the Chiliz blockchain is hugely popular in the European region, the Ethereum-based protocol is also expanding into the US market. It recently signed a marketing partnership with the National Hockey League (NHL) team New York Devils.

Adding to its growing US affiliation, it also closed a deal with the National Basketball (NBA) team 76ers.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.