Chiliz Price Up By 8.34% – Time To Buy CHZ?
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The Chiliz blockchain platform is the world’s first cryptocurrency exchange for sports. It allows crypto enthusiasts and traders to speculate and trade existing Fan Tokens. The growing adoption of the blockchain platform by football teams has seen several investors buy CHZ.
The blockchain platform has rallied in the past few days, given the sensational transfer of Barcelona legend Lionel Messi to Paris Saint Germain (PSG).
This article will show you what impact the Chiliz protocol has on the blockchain ecosystem and if this is a good time to buy CHZ.
Chiliz: Tokenizing Sports
Non-fungible tokens (NFTs) have broken through the crowded blockchain space to become a fast-rising sub-sector. This has largely been spurred by the sole unique identity that NFTs bequeath to their owners.
The Chiliz blockchain has been able to ride on the success of the digital collectibles economy enabling sports teams to better connect to their fanbase through its fan engagement and rewards ecosystem.
Chiliz allows fans to purchase and trade Fan Tokens, which are the digital representation of a fan’s membership with a club. These Fan Tokens are then used to vote in surveys and polls carried out by their favorite teams.
The Chiliz blockchain operates on three major components, including Socios.com, Chiliz.net, and the CHZ token. Socios.com is a mobile app and where Fan Tokens are minted and sold in exchange for CHZ. It also serves as the governance platform where decisions are made, and users can earn rewards and buy CHZ.
Chiliz.net is the platform that facilitates the exchange of CHZ tokens for other digital assets. It is the world’s first crypto exchange evolving around sports, and it enables traders to speculate and trade existing Fan Tokens. Operating like a centralized crypto exchange, Chiliz also allows selling popular digital assets like BTC and ETH.
CHZ token makes up the final ingredient in the Chiliz ecosystem.
It is both an ERC-20 and BEP-20 token and powers the entire Chiliz blockchain. Holders can determine the direction of the blockchain platform.
Chiliz’s unique position as a sport-centered blockchain has seen it grow exponentially in a short time. So far, over 20 professional football teams and esport teams have their Fan Tokens on the Chiliz blockchain.
CHZ Price Rallying With The Broader Market
Cryptocurrencies were in the doldrums for three months following the May crypto market crash. This saw CHZ lose most of the gains it had raked in from its April high of $0.7739. Even though it has struggled much of the time, CHZ has not dipped to its last year’s low of $0.01198, only hitting a major low of $0.207 on July 20.
It has since found support at $0.25 and surged ever since. At press time, CHZ is trading at $0.3773 and is up 8.34% on the daily chart. This rally has served as a buoy for investors to buy CHZ before it hits its record figures of April.
Meanwhile, its strong fundamentals would likely see CHZ continue its bull run for some time to come. This is as more football teams turn to tokenizing their club memberships for their loyal supporters.
CHZ Technical And Fundamental Analysis
On the trading chart, the digital asset is making a remarkable return to good times. It is trading above the 20-day moving average (MA) support price of $0.28304, indicating a bullish trend. Its relative strength index (RSI) is also up and depicts 79.27, meaning it is trading in the overbought region.
Market analysts believe that CHZ will likely hit its previous all-time high (ATH), with Wallet Investor putting its one-year forecast just slightly shy at $0.629.
From the fundamentals angle, the Chiliz blockchain has received much attention in the past week. This has been due to the sensational free transfer of Barcelona captain and talisman Lionel Messi to Paris Saint Germain (PSG).
The PSG Fan Token has seen parabolic growth, rising 62% on August 11 to $51.96. This has, in extension, led to a rally of the CHZ token. It rose 2% to $0.3267 following the announcement by PSG of the Argentine star.
Also, top Premier League outfit Arsenal FC recently signed up with Socios.com to launch their Fan Token. The club name, which will be tokenized as $AFC, will enable fans to have a say and influence club decisions.
The Chiliz blockchain has also replaced Internazionale Milano kit sponsor Pirelli. In a release, CEO Alexander Dreyfus confirmed the partnership and noted that the collaboration would be a one-year deal to promote the club’s forthcoming Fan Token $INTER.
