Chiliz (CHZ) remains under pressure; Chiliz price has dropped from $0.98 to $0.16 since March 12, 2021. The current price is around $0.29.
The popularity of this project continues to grow worldwide. Chiliz is a private currency project built on its own blockchain infrastructure and created for the Socios.com sports fan interaction platform. Chiliz enables sports and entertainment organizations to engage with their audiences and provides blockchain-based tools that help them monetize engagement.
Chiliz is growing in popularity around the world and users allow their teams to be positively impacted thanks to “Fan Tokens” purchased from Socios.com.
The world’s most famous sports teams, including FC Barcelona, Manchester City, Juventus, Atletico de Madrid, Paris Saint-Germain, Roma, OG, CAI and the UFC, are the most popular of the branded Fan Tokens available for purchase on Socios.com.
According to CEO Alexandre Dreyfus, the New York office has opened, which is critical to Chiliz’s global expansion. The hub of the esports industry in the US is the UFC (Ultimate Fighting Championship) sport and has become the latest sport to be included in the cryptocurrency world via the Chiliz blockchain.
CEO Alexandre Dreyfus said:
Socios.com and Fan Tokens will allow the UFC to connect with its global followers like never before. “We are changing what it means to be a fan by giving fans around the world the ability to influence their favorite teams and sports,” said Alexandre Dreyfus, CEO of Chiliz and Socios.com.
There are still uncertainties surrounding this project and whether it will succeed will depend on the strategies that will respond to the moves of the competitors. Technically speaking, Chilliz has corrected from the record highs above $0.90 recorded on March 12. The entire crypto market is under pressure due to the fall of Bitcoin, so the price of Chiliz may also fall further in the coming days.
Figure 1. CHZ/USD technical analysis.
Based on the analysis above, $0.20 represents a strong support level. The cryptocurrency market has been losing ground for the past few days and Chiliz price could easily drop below the $0.20 support.
Critical support levels stand at $0.25 and $0.20; $0.40 and $0.50 represent key resistance levels.
On the other hand, if the price rises above $0.40, the next price target could be around $0.50. Chiliz is under pressure and probably not the best time to invest in Chiliz. If the daily trading volume weakens and the price dips below $0.20 once again, the next price target could be near or below $0.15.