Aaryamann Shrivastava
FXStreet
- Chiliz price declined to monthly lows, trading at $0.185.
- Top FIFA fan tokens of Portugal, Brazil and Argentina’s football teams have also crashed by 25% in value.
- CHZ closing a daily candlestick below $0.165 would invalidate the bullish thesis, leaving the price to tag $0.150.
Chiliz price has been noting a lot of fluctuation over the last couple of days in anticipation of the FIFA World Cup Qatar 2022. Due to the cryptocurrency's affiliation with the fan token platform Socios.com, CHZ has taken a hit as traders' interest in these fan tokens seems to have declined.
Some of the top fan tokens by market capitalization, such as the tokens of Portugal, Brazil and Argentina's football teams, were leading the space with their appeal. However, in less than 48 hours since FIFA World Cup's kick-off, the value of these tokens fell immensely. Currently, the Portugal National Team fan token (POR) is down by over 27%, having fallen from a price of $6.1 to $4.5.
POR/USDT 1-day chart
The case is the same with the Brazil National Football team fan token (BFT). The token slipped from $0.97 to $0.72, generating 25% losses to its holders. The Argentine Football Association fan token followed suit, declining by over 20% in the same 24 hours to trade at $6.55. Consequently, Chiliz price has taken a hit as well.
Chiliz price slips on the chart
Chiliz price sunk to trade at $0.185 in the later hours of November 21. Treading right above the immediate support at $0.180, CHZ seems closer to losing all current possibilities of recovery.
Although there is still some chance for a bounce off of the immediate support if Chiliz price or the broader market observes bullishness. This would place CHZ back on track to tag and flip $0.197 and $0.213 into support levels. If the FIFA excitement revives and the cryptocurrency finds buyers, it could tag the critical resistance at $0.233, reinstating the uptrend.
CHZ/USD 4-hour chart
However, if the football World Cup event fails to generate more interest or buying pressure, Chiliz price could tag the immediate support at $0.180. Losing this could set CHZ on the path of tagging $0.165. A daily candlestick close below $0.165 would invalidate the bullish thesis and leave the cryptocurrency to fall to November 9 crash lows around $0.150.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
The crypto market is stuck in the mud
The crypto market has been hovering in a narrow range for the past four days, adding just over 2.5% over the past seven days to $2.72 trillion. These are levels below the 200-day moving average, indicating that the balance of power is now on the sellers' side.
Fintech and crypto firms push for bank licenses under Trump administration
Fintech and crypto firms seek bank charters under Trump, aiming for growth, lower costs, and legitimacy amid expectations of a more business-friendly regulation.
ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025
Standard Chartered analysts led by Geoffrey Kendrick lowered the bank's expectations for Ethereum's price in 2025. The bank adjusted its latest prediction, reducing Ethereum's 2025 price target from $10,000 to $4,000.
Solana price faces 50-day resistance as SOL futures debut on CME Group with $5M volume on fifth anniversary
Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.