Chiliz Price Drops 23% In a Day, Will CHZ Price Fall Continue?

• 1 Chiliz has over 82 fan tokens and 150+ Global sports partner which are growing everyday
• 2 CHZ technical indicators are currently favoring a downside trend in price. It has seen a drop of 33% in the past seven days

Chiliz is a layer 1 EVM compatible blockchain which is also the home of many fan tokens. It is one of the leading digital currencies for sports and entertainment. It operates on the Socios platform which allows users to participate in the governance Fans can participate and influence the club related decisions. Chiliz aims to bridge the gap between the active fan and passive fans.

Various sports organizations are using Chiliz technology to interact more with the fans. Chiliz has pioneered participation of average fans into club making decisions. They are constantly creating new ways to interact with the fans. Chiliz’s recently updated version of the previous blockchain uses Proof of staked consensus authority. The average transactions on the Chiliz blockchain has seen a decline.Chiliz has over 85+ fan tokens with 150+ Global sports partners. Meanwhile, Chiliz and Ankr have recently united with ANKR to revolutionize Web 3sports.

Chiliz has a market cap of $467 Million and is ranked 72 in the CMC. The social dominance of CHZ token has not been seeing any changes. CHZ V/M ratio suggests a consolidated trend in price.

Will CHZ Hit a Low of $0.03 Soon?

Chiliz has been seeing a strong bearish momentum in the weekly chart. CHZ token price is currently observing a downside trend in the daily chart. CHZ price is currently trading near the value of $0.0677 with a slight gain in the intraday session.

The upside trend of the CHZ can see a halt near the value of $0.08. Meanwhile, the support of the asset price can be observed near $0.05. CHZ token price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future in DMA which can push the price down further

The RSI of CHZ is near 15 with a strong downside slope in it. The overall sentiment of the RSI is bearish.

Summary

Chiliz has been seeing a decline in the transactions but can see a reversal in the future. CHZ token price is currently seeing a bearish trend but can see a new high in the future.

Technical Levels

Major Support:$0.05

Major Resistance:$0.085

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source