Sports Blockchain Provider Chiliz Price Forecast For January 2022 | Should You Buy CHZ This Week?

1 min read

LONDON, UNITED KINGDOM – 31 AUG 2019: Outside view of Emirates Stadium, the home stadium for Arsenal Football Club.

Chiliz token price has steadily recovered in the past several days as demand for the cryptocurrency bounces back from its recent lows. CHZ, its native token, is trading at $0.3120, which is about 26% higher than the lowest price it hit earlier this week. The total market cap has now risen to more than $1.67 billion.

What is Chiliz?

Chiliz is the leading digital currency for the sports industry, and the sports industry is a huge market, especially in Europe and the United States. Football clubs like Arsenal, Manchester United, and FC Barcelona have millions of fans all around the world. Some of these clubs are also valued at billions of dollars.

The sports industry is also seeing robust growth as the world economy begins to reopen. Think of the tremendous potential of Esports and how teams are monetizing their assets. UK Esports team Endpoint CeX partnered with Chiliz to release the team’s Fan Token.

The blockchain industry has an important role to play for the sports and entertainment industry. For example, the industry has helped football clubs monetize their fan bases through non-fungible tokens (NFTs). In addition, it has democratized the sports betting industry by removing the barriers that exist in centralized markets.

Chiliz is the world’s biggest blockchain platform that is focused on the sports and entertainment industry. The developers have created the technology that helps teams monetize their brands.

For example, Chiliz owns Socios.com, a fan engagement app that helps teams launch their Fan Tokens that are tradable in the market. A few of the football clubs that have partnered with Chiliz to launch Fan Tokens include Paris Saint-Germain, FC Barcelona, Manchester City and AC Milan.

These clubs can also launch what is known as a Fan Token Offering (FTO). This is a period of time where their tokens are available at a fixed price. A quick look finds that most of its FTOs being offered currently have been sold out.

Chiliz price prediction

Chiliz price

The four-hour chart indicates that CHZ price found a strong support level at about $0.2550. It has struggled to move below that support level several times this month. This week, CHZ made a bullish breakout and rose above its 25-day and 50-day moving averages. The Relative Strength Index (RSI) has also seen a bullish trend.

Chiliz price is therefore likely to continue rising in the coming days. If this happens, the next key resistance price level to watch will be at the $0.35 mark.

Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

Via this site

Have A Story? Get Featured On Chiliznews Plus 100+ More Exclusive Crypto News Sites