Chiliz cheers bears with a doable death cross as CHZ eyes 40% decline

CHZ, Chiliz cheers bears with a doable death cross as CHZ eyes 40% decline
Image by Sissi Pannach from Pixabay
  • Chiliz fluctuates in a $0.22-0.25 band
  • The 50&200-day MA’s cross to predict a looming drop
  • CHZ new deals hold the fundamentals strong

YEREVAN (CoinChapter.com) — CHZ anticipates another drop after a two-month stagnation as the MA death cross plays out. However, the fundamentals and the long-term pattern predict a bullish breakout after short-term falls.

CHZ is one of the latest breakthrough cryptocurrencies, still managing to hold ground after the crypto market downtrend. While the pandemic caused significant sports events’ delays and cancellations, fans acquired a new platform to interact. The price stands at $0.24, toggling in a $0.22-$0.25 band for the last month.

Related: Chiliz (CHZ) Should Churn Out 35% Bullish Rally Soon, Predicts Poppe

A death cross underway

Nevertheless, the technical analysis predicts a new price slump soon. The 50-day averaged crossed below the 200-day MA on July 9th and has stayed horizontal since. After hitting an all-time high at $0.95, we’ve seen a descending channel pattern form. Hence, the sequence of movements hints at another 40% drop approaching toward the lower band.

CHZ, Chiliz cheers bears with a doable death cross as CHZ eyes 40% decline
CHZUSDT. Source: TradingView.com

Meanwhile, the long-term trend since the CHZ market activity breakout in December 2020 is upward. Thus, the cryptocurrency’s fundamentals are strong and should reflect bullish price movements shortly.

Fundamentals of CHZ create optimism

Since its integration with Chainlink on March 4th, the price has grown. It is not surprising as the partnership allowed Chiliz to mint NFTs and essentially helped improve the network. As LINK is struggling to break out, Chiliz price may be following a similar pattern.

CHZ, Chiliz cheers bears with a doable death cross as CHZ eyes 40% decline
CHZUSDT/LINKUSTD. Source: TradingView.com

First taking over Europe, Chiliz is expanding into the US, Economy Watch reports. Major sports teams like FC Barcelona, Real Madrid, Juventus, and many more have created their team currencies, pushing the CHZ market cap to $1.3 billion. Fans can already buy into 76ers from the NBA, the New York Devil from the NHL, Argentina, and Brazil football teams, and even more.

The fan-token craze has the market excited for Chiliz despite the stagnating price. Wallet Investor makes optimistic predictions at $0.66 in a year and $2.26 in five years.

Related: Chiliz closes above classic short-term support wave—CHZ price rally ahead?

The benefits of fandom cryptos are endless and remarkably unique in the market. With the help of Socios.com, sports clubs can create and sell branded digital currencies. In the meantime, fans trade, interact and participate in polls and surveys surrounding the club. 

The interest around fandom currencies is bound to prevail after the COVID-shock. Chiliz being the pioneer in engaging sports clubs into the world of crypto, can diversify into other industries. The fan bases of musicians, bands, and other performers can benefit from the same portal. If no severe competition arises, the steady growth of CHZ is nearly guaranteed.

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