Chiliz (CHZ) Finds Cover At This Level For Some Temporary Relief

Christian Encila

2 years ago

3 mins read

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Chiliz (CHZ) looks bearish as it shaved off as much as 64% in 50 days. This entertainment- and sport-based blockchain platform is built on Socios and allows fans to interact with sporting brands and teams.

Here’s a quick glance at how the crypto is performing so far:

Chiliz plunges by 0.70%
Sellers are seen to dominate the bearish market
CHZ has trimmed down as much as 64% in just 50 days

With that said, users can fully take advantage of the platform to stake and dish out exclusive information and news tidbits from their favorite sporting teams, plus also freely share their opinions on the latest news.

The 2022 FIFA World Cup gave Chiliz a boost as it pumped up the orders. However, Chiliz can’t seem to keep up with the rest of the cryptocurrencies and has been lagging behind or going downward spiral.

CHZ Currently Trades At $0.1085

According to CoinMarketCap, CHZ is down by 0.70% or trading at $0.1085 as of this writing. With this scenario, the sellers clearly have the upper hand while the buyers need to hang on and wait for the market to switch to bullish and stabilize in terms of demand before placing any bids.

Chiliz is a crypto exchange with the CHZ token explicitly designed for buying fan tokens that give users the ability to decide and govern regarding certain policies, stadium names, team lineups, franchises, and selection of players.

In addition, the CHZ token also functions similarly to BEP2 on Binance and ERC20 token on Ethereum.

CHZ total market cap at nearly $666 million on the daily chart | Chart: TradingView.com

Hitting The Oversold Zone

Chiliz was seen wading along the lines of $0.1637 to $0.29 since August. Now, when the lows in this range were breached and then retested as resistance in December, this has shown how sellers have the evident upper hand in the market.

RSI for CHZ is seen to have dipped below the neutral range of 50 on November 20. It is currently sitting at 9.2, which means it has reached the oversold zone.

Considerably, the CMF also moved down in the same period with sizeable capital flushed out of the market.

Chart: CHZ/USDT on TradingView

Over the past few days, the Fibonacci extension level, which acted as support, was spotted at 24.3% across the $0.107.

Sellers can shoot towards going short, given the 21-period MA, which worked as resistance this month. Sellers can then target $0.088 and $0.073 rendered as take-profit levels.

Chiliz Price Prediction

Meanwhile, Anton Kharitonov, a Traders Union crypto analyst, has a different forecast for the price of Chiliz.

According to Kharitonov, Chiliz will fluctuate between $0.00558 (the low end of the projection) and $0.0167 (the high end of the forecast) between now and the end of 2023.

Kharitonov’s analysis suggests that the price of CHZ will rise to $0.20 by then.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.