NOIDA (CoinChapter.com)— Sports-centric blockchain platform Chiliz is raking in partnerships to expand its presence in the sector. However, the platform’s native token, CHZ, refuses to react to the bullish cues.
Over the past seven days, CHZ’s price dropped nearly 20% to reach a daily low of nearly $0.134 on March 18. Bulls would be hoping the platform’s latest partnership could help pull CHZ price action out of the doldrums.
Chiliz announced a partnership with Unagi studio and the French professional football league, the Ligue 1. The collaboration resulted in the development of ‘Coach Ligue 1‘, which Chiliz claimed was the “first-ever fantasy football game developed by a football league.“
The partnership would leverage the Chiliz Chain to mint digital trading cards. Moreover, Coach Ligue 1 would allow fans to engage with a gamified experience that includes weekly competitions.
Additionally, Chiliz has partnered with Scorestars to help improve the basketball fantasy platform. This integration allows Scorestars to offer digital card collection and fantasy team management features, with scores based on actual player performances.
Chiliz Forms Bearish Pattern
Bulls would be hoping that Chiliz’s partnerships would help its token invalidate a bearish technical setup called the ‘Double Top‘ pattern.
The pattern forms when an asset attains a high price level on two separate occasions, with a notable decline in between the peaks. An asset confirms the pattern when its price falls below a support level, also called the ‘neckline,’ which technical analysis defines as the low point between the two highs.
Once the asset’s price breaches the neckline, traders determine the price target by measuring the vertical distance from the pattern’s peak to the neckline. Therefore, confirming the pattern would result in a potential future decline in the asset’s price by a similar magnitude.
As such, CHZ price could drop nearly 23% to reach the theoretical price target near $0.105.
CHZ Price Got No Chill, Despite New Chiliz Partnerships
Despite the flurry of partnerships, CHZ price dropped more than 5% on March 18 from the day’s high near $0.142. It seems bears are defending the 20-day EMA (red wave) dynamic resistance near $0.147.
Yet, if the partnerships translate into gains for the Chiliz token, CHZ price could flip the immediate resistance before targeting the 0.786 FIB resistance near $0.166.
Conversely, if the news of the Chiliz’s new partnerships fails to generate much hype, the downtrend would continue and CHZ price would likely drop to the support near $0.12. Breaching the immediate support might force the token to test the 200-day EMA (green wave) support near $0.103.
The RSI for CHZ remained neutral, with a score of 45.34 on the daily charts.
