Chiliz price rises: Will CHZ continue bullish momentum?
Chiliz is a popular cryptocurrency in the sports and entertainment space that helps to create fan tokens to create engagement between fans and sports teams. It is the first sports-based crypto exchange where enthusiasts can trade fan tokens. The stakeholders of this fan token get voting rights and also allow discounts, promotions, contests, and win prizes signed by club merchandise.
Chiliz is created to solve two problems- engagement and funding of sports teams. It allows them to own fractional shares of their favorite teams and participate in different contests, sports, and entertainment businesses.
As a result, it helps scale the engagement of fans and team members, making the game more popular and engaging. It was founded by Alexander Dreyfus in 2018, who offered this technology to create a seamless way between sports teams and their fans. He aimed to monetize their channels to raise funding for the teams.
The platform offers customer-friendly products and services which are easy to access, even for new cryptocurrency users. It has a user-friendly interface and responsive customer support to guide users throughout the process. If you are interested in investing, read our technical price analysis.
In the last six months, CHZ has been in an uptrend forming higher highs, but it broke the support of $0.19 in the third week of October. After that, Chiliz recovered from the lower level and took an upward momentum.
It will break the previous high of $0.27 and form another higher high because candlesticks are forming in the upper Bollinger Bands. Most technical indicators are positive at this time, so it can be a good opportunity to buy for the short term. Read our detailed price analysis and CHZ coin price prediction to get a better understanding of the future performance of the coin.
After forming a bottom around $0.9, Chiliz has been in an uptrend now; it formed another lower high around $0.16. We think it is a good time to accumulate some CHZ coins for a long time because it might break the previous high of $0.27.