Chiliz Takes Support From Its 100 EMA: Will CHZ Uptrend Sustain?

Chiliz was developed as a currency to support and control socially enabled platforms. Blockchain-enabled cryptocurrency Chiliz has enabled gaming clubs and organizations to monetize their fan’s suggestions and opinions on specific aspects, creating value for themselves. Using Chiliz technology, clubs can create a Fan Token Offering of limited supply.

CHZ token is used to purchase Fan tokens for leading clubs such as PSG (Paris Saint Germain) and Manchester City Fan token through its, which will soon be the platform for the launch of Fan tokens of a dozen modern sports clubs.

So far, only stadium visits, entry fees, and merchandise were the source of income for sports clubs other than sponsorship and advertisements. Enabling a socially interactive platform for fans has unlocked a whole new dimension of creating revenue.

As such, the CHZ token has established its footing in the sports entertainment industry, which can further be expected to grow in market capitalization as other sports teams and organizations come under the Socios and CHZ umbrella and create a digital revolution for sports revenue. Chiliz has a current market supply of 8.8 billion tokens creating a market value of $747,392,902.

A bull run can be seen emerging since the recent support of $0.099, enabling CHZ to jump significantly in four days. Trading above important moving averages showcases a much stronger potential for further up move. Check our Chiliz price prediction to see if the positive momentum will continue or not!

CHZ Price Chart

The Chiliz price action has seen strong buying followed by consolidation above the 100 EMA curve. It repeats the strength of sellers at the $0.136 mark as witnessed previously during the retracement cycle in the second half of May 2022 and the first week of June 2022. The pull back to lower levels provides a clear perception of the downward support available at $0.099.

Comparing recent rejection levels, CHZ can create a significant upside movement in 41 days. The support for Chiliz is stronger at the $0.08 mark, while the recent retracement has given a strong impression of support rising to the $0.99 mark. RSI has jumped from a neutral stance of 40 to an upside strength of 61. Even the MACD indicator has moved to the positive axis with a strong positive bias. 

Witnessing profit booking at $0.136 resulted in a marginal decline, but the support at 100 EMA helped CHZ remain above the moving average resulting in a strong buy. July 2022 has ended in a positive outlook that puts pressure on August as a positive turnaround is expected. 

The resistance range lies between $0.126 and $0.136. The next round of resistance for CHZ would be the 200 EMA requiring a significant upside movement, and price action-based resistance at $0.180 is slightly above the 200 EMA curve.

A fresh breakout can emerge at any moment as more and more clubs are joining with Chiliz and Socios, which would offer an upside potential of an even larger magnitude.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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