Chiliz price up 15% as FIFA World Cup 2022 draws close, here’s what to expect

Chiliz price yielded 15.7% gains for holders overnight as sports and fan tokens lead a new wave of crypto trend reversal. As fans gear up for FIFA World Cup 2022, fan tokens have witnessed a rise in popularity and yielded double-digit weekly gains. 

Also read: Ethereum staking on the rise, hurts passive income opportunities for HODLs

Chiliz price explodes, CHZ leads top 100 cryptocurrencies in gains

Chiliz (CHZ), a tokenized voice platform that empowers sports fans and helps them manage their favorite sports, teams and esports organizations. This makes players influencers of a competitive entity.

The FIFA World Cup 2022 is scheduled to begin on November 20, therefore 21 days before the event sports clubs and fans have increased their activity. The event is scheduled to be the 22nd running of the FIFA World Cup competition. It is scheduled to take place in Qatar from November 20 to December 18, 2022.

Top fan tokens like Atlas FC, FC Porto, Novara Calcio, Apollon Limasol have yielded double-digit gains over the past week. Argentine Football Association Fan Token (ARG), Lazio Fan Token (LAZIO), Portugal National Team Fan Token (POR), FC Porto (PORTO) and Team Heretics Fan Token (TH) are the top five tokens with yields above 25% over the past week. As the FIFA World Cup 2022 draws closer, these tokens are expected to outperform altcoins and meme coins. 

What to expect once football hype ends

FIFA World Cup 2022 hype has powered a rally in fan tokens and sports related cryptocurrencies. These assets have led altcoin rallies and offered massive gains to holders based on data from CoinGecko. 

Since Bitcoin price is ready for pullback and BTC dominance is waning, this is an opportunity for traders to scoop up fan tokens at a discounted price ahead of the November 20, 2022 event. Once traders complete profit-taking and the football hype is behind us, there is a likelihood of pullback in these altcoins. 

Akash Girimath, crypto analyst at FXStreet argues that Bitcoin price could drop to the $19,700 level and provide a buying opportunity to traders. Girimath highlights that the higher highs produced by Bitcoin on October 26 and 29 seem to diverge from the Relative Strength Index’s lower highs. This is a bearish divergence setup and implies that Bitcoin’s price lacks underlying strength. This has resulted in a move lower. A break below the October 28 lows at $20,000 would provide confirmation of a reversal in Bitcoin price. Once BTC bases, however, it could provide traders with an opportunity to scoop up altcoins and fan tokens like Chiliz (CHZ). 

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