Chiliz price rally surge continues but gains could be limited

Chiliz (CHZ) price has made a strong bullish comeback as investors react to the recent Tottenham Hotspur news. The CHZ token surged to a high of $0.064 on Saturday, the highest level since August 23rd. It has surged by more than 16% from the lowest level in September.

Latest Chiliz news

Chiliz is a leading layer-1 network that focuses on sports and entertainment. The company’s network makes it possible for teams and other players in the sector to boost their engagements by launching fan tokens. Its layer-1 network is not only faster but also cost-effective to the end users.

Chiliz also owns Socios, a platform where people buy and sell fan tokens for some of the biggest teams in the world like Manchester United, Arsenal, Juventus, and AC Milan. Chiliz also owns ChilizX, which aims to become the biggest exchange for fan tokens in the world.

Chiliz price is soaring after the developers announced a new multi-year partnership with Tottenham Hotspur, one of the most important teams in the English Premier League (EPL).

Tottenham Hotspur is coming to Chiliz Chain! 🌶️🤍

The Spurs Fan Token will launch on Chiliz Chain, the Layer 1 SportFi network. ⚽🏆

Tottenham joins 80+ major sporting teams that already use Chiliz Chain to host their own Fan Tokens. 🤝https://t.co/YntrbM68Yd$SPURS ⚡ $CHZ

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) September 28, 2023

As part of the partnership, the team will launch its token using Chiliz technology. Holders will receive several benefits,including rewards, club membership, and other experiences. In a note, the Commercial Sales Director said:

“Our Fan Token will build on the many benefits of our existing membership scheme. We’ll be offering all our Members and Season Ticket Holders free Fan Tokens at launch and are working with Socios.com to deliver a range of rewards that carry appeal to both domestic and international fans.”

The addition of Tottenham Hotspur is a big deal because of its prominence in the soccer world. However, its impact on Chiliz will be a bit limited since the network already has other big teams like Barcelona, Manchester City, Alpine, and Paris Saint-Germain.

Chiliz price forecast

CHZ chart by TradingView

The 4H chart shows that the CHZ crypto price has been bullish in the past few days. Along the way, the token jumped above the key resistance point at $0.060, the highest point on September 16th and 22nd.

Chiliz has moved above the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has surged above the overbought level. The same is true with the Commodity Channel Index (CCI) and the Stochastic Oscillator.

Therefore, I suspect that the Chiliz price will likely retreat to the key support at $0.060 as investors start taking profits.

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