Chiliz Crypto: Can CHZ Crypto Price Deteriorate Or Rise?

• 1 The CHZ asset is bearish and shows more room to fall as it drops from the major trendline.
• 2 The CHZ crypto asset is exhibiting weakness as the RSI took a sharp U-turn.

Chiliz is a cryptocurrency that was generated by a FinTech company in Malta for sports and entertainment fans. It runs a platform called Socios, which enables users to administer their favorite sports brands.

The company objects to bridge the gap between being an active and a passive fan. Every sporting organization utilizing the Chiliz technology has a restrictive supply of fan tokens that are offered at an initial FTO (fan token offering).

These tokens are provided on a first-come-first-serve basis, with the opening price and fully diluted market cap disclosed by Chiliz beforehand. CHZ is available on various blockchains, such as Ethereum, Binance Smart Chain, and Tron.

Fan tokens are minted on its Socios sidechain with a proprietary crowd control mechanism, so fans are in a secure environment and vote only in publicly audited polls. The sidechain is based on the proof-of-authority consensus mechanism.

Proof-of-authority is mostly used by private organizations that have closed blockchains and only users within its ecosystem participate. It is less delegated than other consensus mechanisms but is easily scalable and highly secure, making it the ideal choice for a sidechain. The CHZ token has been audited by Certik.

Can CHZ Crypto Plummet More From Supply Zone Or Rise Above On Daily Time Frame?

Source: CHZ/USD: COINBASE.1.D. by TradingView

The price movement of CHZ crypto was wonderful from October 2023 to January 2024, as it rose 104% approx from $0.0500 to $0.1050.

However, the CHZ crypto price fell from a critical level of around $0.1050 on the charts. It is headed for a steep drop, as it meets the resistance level and falls. The CHZ asset is showing bearish signs and shows that it has the potential to fall further.

The CHZ asset is bearish and shows that it has more room to fall as it drops below the major trendline and is approaching the EMAs rapidly.

The CHZ crypto asset is exhibiting bearish weakness as the RSI has taken a sharp U-turn and has been declining, this is implying that the crypto asset is approaching a negative territory and can sink further down.

At the time of publishing, CHZ crypto’s current market price is at $0.0919 with an intraday loss of 1.39%. The trading volume of the last 24 hours is 122.729 Million and the trend got violated from an uptrend and has turned bearish.

Therefore, if the asset’s price fails more and surpasses the previous important level of $0.0800, then it could decline more.

On the flip side, if the price sustains the current level, it could fly higher and could aim to retest the supply level again at $0.1050.

Source: CHZ/USD: COINBASE.1.D. by TradingView

Summary

The CHZ crypto is headed for a steep drop, as it meets the resistance level and falls. The CHZ asset is showing bearish signs and shows that it has the potential to fall further.

Therefore, if the asset’s price fails more and surpasses the previous important level of $0.0800, then it could decline more.

Technical Levels

Support Levels: $0.0800

Resistance Levels: $0.1050

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steefan George

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.

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