Sports And Entertainment Token Chiliz $CHZ Technical Analysis After December 2021 Bearish Move

1 min read

Since the beginning of December 2021, Chiliz CHZ/USD price has dropped from $0.43 to below $0.25, with the current price standing at $0.30.

The overall cryptocurrency market remains under pressure; Bitcoin dropped below the all important $50,000 support level, and the price of Chiliz could weaken even further in the days ahead.

Sports fan engagement and rewards platform

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Chiliz created the Socios.com sports fan influence and rewards app that provides sports & entertainment organizations with blockchain-based tools that enable them to engage with & monetize their audiences.

Chiliz is a rapidly growing phenomenon, sweeping across the international sports scene. Some of sports most well known brands have already partnered with Chiliz to launch Fan Tokens including Juventus, Manchester City, FC Barcelona, Paris Saint-Germain, Atlético de Madrid, Inter Milan, Arsenal, AS Roma, OG, CAI & UFC, and many others.

Socios.com currently has more than 1.3 million users, while more than one hundred major sporting organizations across the globe have already partnered with Socios.com.

According to the latest news, Chiliz will be the Official Partner of the 2021 Ballon d’Or Awards. Alexandre Dreyfus, Founder and CEO of Socios.com and Chiliz, said:

“We are delighted to be partnering with the Ballon d’Or, the most prestigious individual awards ceremony in football, and to be part of a ceremony that has become one of the most anticipated events in the sports calendar.”

$CHZ is the exclusive on-platform currency to purchase Fan Tokens.  Fan Tokens bought on Socios.com allow their owners to influence the teams they love by voting in fan polls.

The cryptocurrency market is losing its value this Saturday. The price of Chiliz (CHZ) can easily back below the $0.20 support level and it is probably not the best time to buy this cryptocurrency.

From its peak of $69,000, Bitcoin is currently down more than 30%, and the upcoming days may bring more pain for the cryptocurrency market.

Bears in control of Chiliz

Chiliz has weakened from its record highs above $0.98, registered on March 12th, to a low of $0.16, while the current price stands at $0.30.

Chiliz remains in a bear market, and traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high.

Data source: tradingview.com

The strong support level for Chiliz stands at $0.20, and if the price falls below it, the next price target could be around $0.15 or even lower.

On the flip side, if the price jumps above $0.40, it would be a strong “buy” signal, and we have the way open to the $0.50 resistance level.

Summary

The cryptocurrency market has collapsed; Bitcoin went below $42,000 for a moment, which also negatively influenced the price of Chiliz and other cryptocurrencies. For now, bears control the price action. The critical support level stands at $0.20, and if the price breaks below that, it could be the start of a bigger downtrend.

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