Key Takeaways:
- Chilliz rallied over 20% in one day.
- CHZ decoupled from Bitcoin price action, but could rally more in the coming days.
- The bullish incentive was brought on by Chilliz Chain 2.0 development, and the FIFA World Cup.
YEREVAN (CoinChapter.com) – Chiliz (CHZ), the governance token for sports platform Socios.com, rallied over 20% in the previous 24 hours, ahead of the FIFA world cup. The token peaked at $0.24 in the Asian-Pacific session on Oct 31 but corrected downward hours later, settling at $0.22.
What’s In Store For CHZ?
CHZ/USD price action climbed nearly 50% since Oct 21 and retested a former resistance line at $0.22 as support. If the bullish impulse continues, the next possible resistance will stand at $0.25. However, the trading volumes have printed lower highs since the mid-August rally, hinting at a possible consolidation ahead.
Meanwhile, CHZ decoupled from Bitcoin in late Q3 and early Q4, adding to the uncertainty. As seen on the chart below, the sports token traded in tandem with the flagship crytpo until mid-August.
The BTC/USD price action stalled under a crucial $20,000 support, while Chiliz price managed three bullish moves. However, consecutive sell-offs followed on the back of the bearish incentive across the crypto market.
Also read: Bitcoin is Heading Toward Massive Recovery after Hitting $20K — Strong Signs Detected.
In short, CHZ has given a choppy performance since August but rallied on a confluence of bullish cues.
What Pumped Chiliz?
The sports token is transitioning to Chiliz Chain 2.0 (CC2), the new generation of Chiliz, which promises broader possibilities for investors.
CC2 is the protocol foundation of a web3 development ecosystem where stakeholders from the sports & entertainment industries are able to build web3 experiences within a secure network-effect-driven community. Access global brands, leverage an existing Fan Token audience & create something special.
advertises the official website.
The Scoville Testnet went live in August, prompting the rally that doubled the investor money. According to the latest tweet, Chiliz launched the Scoville Testnet 4 on Oct 24, fuelling another leg up.
Also read: Crypto and Sports Betting: A Match Made In Heaven or Hell?
FIFA World Cup Underway
Meanwhile, the FIFA world cup scheduled to start on Nov 20 in Qatar added buying pressure to the CHZ token and could continue to fuel the bullish incentive. A Chiliz-associated tweet noted FIFA as a heavy factor in the latest rally.
With two strong narratives building up in parallel, a continuation of the trend is possible in the next weeks Nothing is certain in crypto, but CHZ and Fan token are among the plays to watch towards EoY. I could also be wrong, please play your own cards.
added @Playmaker.
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