- Chiliz (CHZ) has witnessed double-digit gains on both daily and weekly charts in the ongoing football frenzy.
- Sports and fan tokens are leading a new wave of reversals in the crypto market despite a general market decline.
- Analysts identify $0.26 level as the next big resistance for Chiliz price, once CHZ breaks out past this, a run up to $0.38 is likely.
Chiliz price is gaining bullish momentum as the FIFA Football World Cup 2022 draws close. CHZ has yielded double-digit gains for holders over the past week, alongside other altcoins and meme coins. The FIFA Football World Cup 2022 starts on November 20, until then anticipation among fans is sending fan tokens and Chiliz price higher.
Also read: MATIC Price: Will the sale of Polygon NFTs on Meta’s Instagram trigger a rally?
Chiliz price rallies as FIFA World Cup 2022 draws close
As football fans gear up for FIFA World Cup 2022 the popularity of fan tokens rises. Chiliz has yielded 19.7% gains for traders over the past week. Football fans worldwide are lining up to trade in fan tokens of various football clubs like Argentine Football Association Fan Token (ARG), Levante UD Fan Token (LEV) and Portugal National Team Fan Token (POR).
Chiliz price has climbed 41% in the last two weeks and nearly 20% in the past week. FIFA World Cup 2022 is scheduled to begin on November 20. The sponsors of the FIFA World Cup are Visa and Crypto.com. The two entities have partnered to offer digital art NFTs as part of the Visa Masters of Movement, an interactive LED soccer pitch experience for fans in Qatar.
The football event draws fans from around the world and its immersion in digital arts and cryptocurrencies has resulted in bullish sentiment among fan club token holders. The top five football club tokens are the following:
Argentine Football Association Fan Token (ARG), Levante U.D. Fan Token (LEV), Portugal National Team Fan Token (POR), Atlas FC Fan Token (ATLAS) and Davis Cup Fan Token (DAVIS). Each of these five tokens have offered upwards of 20% gains to holders over the past week.
Analysts believe Chiliz could lead a crypto rally, eye $0.38 target
Ustatrader, crypto analyst and trader evaluated the Chiliz (CHZ) price trend and noted that the $0.26 level presents serious resistance from a major trend line. If successful in crossing this key resistance level, CHZ price will next eye the $0.38 level target in its uptrend.
CHZUSDT price chart
A decline below resistance at $0.26 could invalidate the bullish thesis and CHZ price could nosedive to the $0.19 level.
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
Ripple's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.