Will Chiliz price recover after the Crypto Crash?

The world cup is right around the corner. Fan tokens and cryptos that relate to clubs and sports are expected to drastically increase in prices. The current crypto crash was a harsh one for all cryptocurrencies with no exceptions. However, once things calm down, world cup tokens that have huge potential should moon. Chiliz is one of those cryptocurrencies that might take off. Will Chiliz price recover after the crypto crash? Is it a good idea to invest in Chiliz before the World Cup?

What is Chiliz Crypto?

Chiliz (CHZ) targets specifically fans of sports and entertainment. Mediarex Group, a global sports and entertainment corporation based in Malta, is the creator of Chiliz. Among Chiliz’s notable clients are the football clubs Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, West Ham, Independiente, and Dota 2 E-sports champions OG. Together, Binance, OK Blockchain Capital, and Ceyuan Ventures gave the project more than $60 million.

Socios.com, powered by Chiliz, is the world’s first scalable, tokenized voting platform. It enables sports fans to purchase and exercise voting rights for their favorite teams. Chiliz has announced the opening of Chiliz.net, its own cryptocurrency exchange for Chiliz (CHZ) and other crypto-assets.

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Chiliz Price Crash: Down 39% in the past day

After the FTX incident that crashed the entire crypto market, Chiliz had its fair share of dumping. Its prices crashed from a high of $0.30 to the current low of $0.18. However, in figure 1 below, we can notice that this crash dropped Chiliz price down to the average uptrend line that it established earlier in mid-June 2022.

Chiliz Price Prediction: Will Chiliz price recover?

It is very normal for cryptos to adjust heavily in prices, especially during volatile times. Chiliz prices simply retraced from the resistance price of $0.30 and reached the strong support price of $0.18. In fact, this support coincides with the average uptrend line as well, making it a great opportunity to buy Chiliz.

However, we cannot deny the severity of the current crypto market in general. Any negative event with any crypto company affects the entire market. This is especially true if the company is the third-largest crypto exchange in the world. For Chiliz to recover, the crypto market should at least be in a consolidation mode with no bad fundamentals. If this state occurs, Chiliz can easily bounce back at least towards the resistance price of $0.30.

A breach of the price of $0.165 however can lead prices to drop further and reach the next support price of $0.125.

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