Yerevan (CoinChapter.com) – Chiliz (CHZ), a governance token for Socios.com, a sports management platform, extended its uptrend Wednesday as it rose over 25 percent gain from its previous session open of $0.328. This time, the bullish rally comes on an announcement by Coinbase Pro.
The US cryptocurrency trading platform confirmed that it would start accepting Chiliz deposits from June 15. In addition, it offered professional traders the option to transfer Keep Network’s KEEP and Shiba Inu’s SHIB tokens into their Coinbase Pro wallets. Coinbase added:
“Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 17, if liquidity conditions are met”.
Chiliz will be available to the jurisdictions supported by Coinbase. That does not include Singapore and New York.
The prospect of Coinbase Pro listing sparked elevated interest towards the Chiliz token, boosting its price.
The CHZ/USD exchange rate reached $0.35 ahead of the London session Wednesday. The current price margin is the highest point since the devastating crypto crash of May 19. The first signs of the ongoing rally showed after Bitcoin gains on June 14 and were further fueled by the news of the possible listing on June 17.
The token shot above its 20-day exponential moving average (EMA-20; blue wave). In doing so, it approached the 50-day moving average (MA-50; red wave) as resistance. If CHZ breaks above the MA-50, it could use the wave as support for further gains.
Meanwhile, should the bullish momentum extend, Chiliz might be able to limit the bearish death cross sentiments.
The latter is a bearish predictor. It happens when a short-term moving average (here, the EMA-20) crosses down below a long-term moving average (MA-50). The reverse situation is known as the golden cross. The trajectory of the EMA-20 has corrected upward after the recent gains. If it manages to stay on this track, a golden cross could form.
Chiliz’ growing popularity
Socios.com is a platform that lets users trade tokens as a way of showing allegiance to their favorite sports teams. The Fan Tokens on Socios also let the participants earn rewards and be eligible for promotions. In addition, by owning Fan tokens, supporters can become a part of team decisions by voting.
The platform’s popularity has been growing as more and more teams join in. Chiliz rallied higher ahead of the UEFA Euro 2021 soccer championship. It gained a whopping 1,650% percent in March 2021.
Socios.com already features Fan Tokens for clubs like FC Barcelona, Juventus, Atlético de Madrid, UFC, etc. On June 11, Argentinian Selección joined the project. Its tokens sold out in only 2 minutes, as the CEO of Socios tweeted.
The adoption continued, as Atletico Mineiro became the first Brazilian soccer team to be represented on Socios.
CHZ token shot in value after Coinbase announced the possible listing for Pro users. It gained 25 percent, and the strong bullish sentiment continues as of the moment. If CHZ manages to stay on track, it will use the MA-50 as support, logging further gains. Socios’ Fan Tokens grow in popularity amid the UEFA Euro 2021 soccer championship, as more clubs and teams join the platform.