Chiliz started as an experiment to empower sports entertainment by allowing enthusiasts and supporters to purchase specific club tokens and have a say in their decision-making. The slight touch of the hand provided immense interest in the enthusiasts who were spending millions on merchandise and other products. CHZ holders now have the willful capability to direct clubs toward major concepts during the upcoming world cup tournament scheduled to begin in November 2022.
As a result, the CHZ token’s buying sentiment has witnessed a massive boost, with daily sentiments having moved in the overbought zones. This momentum could be highly positive for the short term as the end of the world cup would make it inefficient.
Unlocking new revenue streams would work only until such tournaments are in action; once that trend is over, holders might consider booking profits. But even with pump and dump happening repeatedly, the broader outlook of the CHZ token remains highly bullish.
CHZ token now ranks at the 39th spot with a valuation of more than $1.4 billion. In the last two years, CHZ had taken a tremendous jump with momentary gains in March 2021 when prices reached close to $1.
Chiliz token has taken a massive uptrend from its June 2022 lows. With sports activities growing significantly in the aftermath of some relaxation from rising Covid cases, fans are getting highly interested in participating in their favorite club decisions. A massive breakout took place above the 200 EMA curve, further strengthening the positive sentiment for the CHZ token. Will this breakout continue? Read in our Chiliz prediction!
Chiliz price action is strong and indicates a repeated buying rally after each resting period. Hitting fresh highs creates a profit booking scenario on other cryptocurrencies, but CHZ buyers are taking advantage of any consolidation or retracement to acquire more tokens. Currently, 68% of CHZ’s entire supply has entered the circulating markets counting around 6 billion tokens.
Despite not having significantly higher buying ranges, the CHZ token has surpassed important moving average curves, including 100 and 200 days’ exponential moving averages. As a result of this success, these indicators are moving in the positive direction along with MACD and RSI indications projection the continuation of this Chiliz price trend based on the latest outlook.
The growth chart in the last three years makes CHZ amongst the strongest and brightest looking cryptocurrencies with a real and meaningful solution that increases club revenues and additional incomes. Major sporting firms are now taking advantage of Socios.com, highlighting the expert opinions of Chiliz (CHZ) being available for under $1 for the last time.
The short-term outlook for Chiliz is extremely bullish. Still, one should take their investment decisions without being affected by market news and focus on the potential and application of the token.
Chiliz (CHZ) token on weekly charts is moving towards its April 2022 peak of $0.35, which aided in the overall negative stance on this token. Since taking support from $0.08, CHZ has reached $0.24 in just two months. The resistance of $0.35 is barely away, making it achievable. Once CHZ has retested this immediate resistance, the outlook would further extend to highly positive.
Another resistance is significantly above the current value of $0.577, which would be a new set of challenges for buyers to take advantage of. Creating a bullish candle with a trim wick shows extreme bullishness and profit booking at the top. The MACD indicator on the weekly charts of Chiliz confirms a positive outlook and is headed towards further bullish momentum.
Source: https://www.cryptonewsz.com/chiliz-moves-by-more-than-100-percent-in-the-last-two-months/