Chiliz is a top blockchain-based fintech service provider for mainstream sports and entertainment platforms. Its main aim is to attract mainstream consumers by providing a currency alternative for blockchain-based products and services.
The platform operates with its own token, CHZ, which is an ERC-20 token on the Ethereum network. Traders can benefit from the protocol by purchasing NFTs in the Socio fans token marketplace, as the platform is also BEP-2 compatible.
What factors are driving this surge, and what can we expect for CHZ in the near future? Let’s delve into some key aspects of CHZ price analysis.
Price Today
As of 16 March 2024, Chiliz (CHZ) is currently priced at $0.105, with a trading volume of $102,886,908.02 over the last 24 hours. The price has dropped by -5.53% in the past day and -32.00 % in the last 7 days. With 8.9 Billion CHZ in circulation, Chiliz has a market cap of $937,734,445.
Technicals of Chiliz
The CHZ/USDT chart is showing a bullish breakout from a falling wedge, which could mean a possible change in the trend. It would be a good idea to consider taking a long position with an entry point around the $0.14 breakout level. The initial profit target is set at $0.21, and if the upward momentum continues, there is a secondary target at $0.27. This analysis has a moderate to high confidence level.
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Price History
In the past month, CHZ has witnessed a remarkable surge, with its price soaring by 22.98%. This substantial increase has contributed an impressive average of $0.02 to its existing value. Such rapid growth indicates the potential for CHZ to establish itself as a valuable asset, provided it maintains its upward trajectory.
Chiliz (CHZ) reached its highest price of $0.8786 on March 13, 2021, approximately three years ago. At present, the price stands at 88.11% below its all-time high. Conversely, the lowest recorded price for CHZ was $0.004109 on September 28, 2019, over four years ago. The current price is 2,441.56% higher than the all-time low.
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Predictions
In May 2024, we predict that the price of Chilliz (CHZ) could range from $0.120 to $0.317. The average estimate for Chiliz’s value during this month is around $0.218. This indicates a potential return on investment of 189.8%.
News
OKX, a web3 technology company, has just revealed a collaboration with Chiliz Chain, a top EVM-based blockchain recognized for its innovation in the sports and entertainment industries. By introducing a new validator from OKX to the Chiliz Chain, the goal is to enhance the chain’s governance, security, and scalability.
Endnote
Chiliz (CHZ) presents an exciting chance in the blockchain industry, with a specific focus on sports and entertainment. Although facing some challenges recently, a detailed examination of its technical features indicates a possible upward trajectory. The incorporation of NFTs and fan tokens might enhance its growth in the long run. Of course, investing in CHZ comes with the usual risks linked to cryptocurrencies. Nevertheless, considering the present forecasts and market patterns, there seems to be a bright outlook for potential gains in the near future.