Revolutionizing Fan Interaction
Chiliz (CHZ) is a cryptocurrency designed to enable sports teams to build direct connections with their global fanbase. Developed by Socios.com, a fan engagement platform, Chiliz offers blockchain-powered tools to sports & entertainment organizations, helping them monetize and engage with their audiences. Chiliz is a major player across the global sports industry and facilitates fan access to exclusive communities on the Socios.com app, where fans can interact with their favorite teams and earn rewards.
Some of the most well-known sports teams allow their fans to buy Fan Tokens using the CHZ token. Notable clubs include Barcelona, Paris Saint-Germain, Manchester City, Juventus, S.S.C Napoli, Inter Milan, AC Milan, Arsenal, Atlético Madrid, A.S Roma, UFC, several F1 teams, and many others. Each team can customize its Fan Tokens, and holders may even gain influence over team decisions, such as new kit designs or celebratory songs.
Chiliz Unveils Public Mainnet of Chiliz Chain
Chiliz is a project with enormous potential, constantly evolving with new features. On May 10, 2023, the platform launched the public mainnet of Chiliz Chain, marking a significant milestone in its mission to enhance fan-team relationships using blockchain technology. Chiliz Chain is a Layer-1, EMV-compatible, Proof of Staked Authority (PoSA) blockchain designed to offer brands and sports teams the infrastructure to build Web3 products, creating stronger fan engagement.
Chiliz Chain will provide lower fees and faster block times, with all fees paid in the native CHZ token. According to the Chiliz team, this launch opens doors for Socios.com partners and major sports and non-sports brands to explore new ways to unite fans through Fan Tokens and Web3 technology.
“We are excited to introduce Chiliz Chain to the global sports community, marking a significant leap forward. With our long-term commitment to innovation, growing partnerships, and a focus on sports-oriented blockchain projects, Chiliz Chain is poised to become the foundation for Web3 in sports, providing infrastructure for the next generation of products, experiences, and services for teams, brands, and their fans.”
– Alexandre Dreyfus, CEO of Chiliz
Investor Optimism Hits Seven-Week Low
The start of 2023 was promising for Chiliz (CHZ), but since April 19, 2023, the price of CHZ has been under pressure, and there’s still a risk of further declines. Concerns about regional banking instability, the Fed’s stance, and the debt ceiling debate in the U.S. are likely to continue influencing financial markets. Currently, many uncertainties remain, and a defensive investment strategy is advised.
According to the American Association of Individual Investors (AAII) Sentiment Survey, individual investor optimism fell to a seven-week low. Expectations of rising prices for riskier assets (like stocks and cryptocurrencies) dropped by 6.5%, down to 22.9%. AAII has warned that the ongoing impasse over the debt ceiling could have a significantly negative impact on financial markets.
Risks of Potential Debt Default
U.S. Treasury Secretary Janet Yellen has expressed concerns that a government debt default could cause widespread disruptions, such as halting income payments for millions of Americans. The ongoing debt ceiling discussions in Washington continue to make investors nervous. However, the latest news suggests that an agreement to avoid a default could be reached soon.
Analysts anticipate the U.S. Treasury could sharply increase the issuance of short-term debt once the debt ceiling is raised to replenish cash balances. Despite this, Chiliz’s price may struggle to rise significantly in the near future. Traders should closely monitor Bitcoin’s price while maintaining a cautious stance.
Technical Analysis for Chiliz (CHZ)
Chiliz (CHZ) has dropped from $0.142 to $0.103 since April 19, 2023, and is currently priced at $0.107. In the coming days, it may be difficult for CHZ to stay above the $0.100 mark. If it falls below this level, it may test the $0.090 level.
Key Support & Resistance Levels for Chiliz (CHZ)
Looking at the chart from September 2022, we can identify key support and resistance levels to help guide traders on potential price movements.
If the price rises above resistance at $0.120, the next target could be $0.130. However, if it drops below the significant support level at $0.100, the price could fall to around $0.090.
Positive Indicators for Shiba Inu (SHIB) Price Growth
Sentiment in the cryptocurrency market plays a key role in influencing the price of Chiliz (CHZ). If market sentiment improves and the market recovers from recent setbacks, Chiliz could see some upward potential, along with other major cryptocurrencies.
According to technical analysis principles, Chiliz (CHZ) remains in a bearish phase, but if it breaks through the resistance at $0.120, the next resistance targets could be $0.130 or even $0.140.
Negative Indicators for Chiliz (CHZ) Decline
Despite a strong start to 2023, Chiliz (CHZ) has been under pressure since April 19, 2023. As the macroeconomic environment remains uncertain, a defensive investment strategy is recommended for now.
Economists have warned of the possibility of a global recession, which could push Chiliz’s price lower. Additionally, as Chiliz’s price is often correlated with Bitcoin, a decline in Bitcoin’s value below $25,000 would negatively impact CHZ as well.
Uvidi analitičara i stručnjaka
Chiliz’s fundamentals are closely tied to the broader cryptocurrency market. The effects of the 2022 crypto crash, ongoing inflation, and interest rate hikes are still being felt. Additionally, the uncertainty surrounding the debt ceiling continues to unsettle investors, and there are multiple factors that could go wrong.
The American Association of Individual Investors reported a decline in investor sentiment, which could signal further downside for Bitcoin. This could put additional downward pressure on Chiliz (CHZ), making it difficult for the price to hold above the $0.100 support level.
Izjava o odricanju od odgovornosti: Cryptocurrency is highly volatile and not suitable for all investors. Never invest money you cannot afford to lose. The information on this site is for educational purposes only and should not be interpreted as financial or investment advice.
