- Chiliz price jumps on the news of Bancor listing
- Analysis of CHZ daily charts with important support and resistance trendlines.
- Chiliz’s growing popularity with various teams and sports clubs
Yerevan (CoinChapter.com) – Chiliz (CHZ), a governance token for Socios.com, a sports management platform, extended its uptrend to $0.25 in the London session Wednesday, gaining 45 percent after bottoming out at $0.17 the day before.
The bullish bias came on after a tweet from Joe Grech, the marketing and content manager at Chiliz. Mr. Grech informed his followers that CHZ went live on Bancor, a Switzerland-based decentralized trading protocol.
The Chiliz community responded positively to the news. CHZ daily chart registered a new green candle in confluence with the recovery across the crypto market. A similar tendency occurred when Chiliz launched on Coinbase Pro, a trading platform at Coinbase crypto exchange. The token added 25 percent to its value.
Surprisingly a few other listings didn’t have quite the effect before the crypto boom of 2021. The governance token scored a listing on Crypto.com, a cryptocurrency payments platform, back in November 2019, with virtually no effect on the price. The same happened in July 2020, when Mercado Bitcoin, Brazil’s largest crypto exchange, listed Chiliz in their app. The price did not have a pronounced bias shift.
Bancor listing, however, had a significant impact, boosting the price.
Chiliz daily chart
Chiliz traded in a channel between $0.20 and $0.35 price margins (red and black lines respectively on the chart below). The token retested the lower support line as recently as Monday before bouncing off and making it to the mid-range of the channel. Should CHZ maintain its uptrend, it will face a confluence of resistance on its way.
The 20-day exponential moving average (EMA-20), which can act as both support and resistance, will present itself as the first obstacle. The next in line is the 50-day moving average (MA-50). Last but not least, the CHZ candle will face the descending trendline that has been controlling the token’s breakouts since mid-March.
If Chiliz fails to hold on to the indicated resistance lines, shifting their allegiance, it could fall back to the support bar between $0.15 and $0.19.
Growing support for Chiliz
Socios.com is growing in popularity, listing more and more teams and sports clubs. The platform creates fan tokens for each listed team, offering fans the chance to purchase those tokens. By doing so, the supporters can participate in the team decisions and show their devotion. Chiliz currently offers fan tokens for FC Barcelona, Manchester City, Atletico de Madrid, Juventus, etc.
As of recently, three major teams joined the project. The CEO of Socios.com tweeted about listing Argentinian Selección and Brazilian Atlético Mineiro. Spanish Valencia also joined in on June 18.
Considering the growing popularity of the platform, and the recovery throughout the crypto market, CHZ’s prospects are looking bullish. If the token manages to hold on to the support/resistance lines, it could log more gains in the upcoming sessions.