Chiliz (CHZ) Price Estimate Q1 2023 – Rise or Fall?

Chiliz (CHZ) has advanced more than 60% since the beginning of January 2023, rising from $0.099 to a high of $0.164. The current price of Chiliz stands at $0.162, and bulls continue to control the price.

But where is the price of Chiliz (CHZ) going next, and what can we expect from the first quarter of 2023?

Today, Crypto Lists will discuss Chiliz (CHZ) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

A cryptocurrency that allows fans to interact with sports teams

Chiliz (CHZ) is a cryptocurrency that allows sports fans to have unique experiences with their favorite teams. Chiliz was developed by Socios.com, a fan engagement platform that provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences.

Chiliz is present across the international sports industry, and it is important to say that the most famous sports teams allowed their fans to purchase Fan Tokens using the CHZ token. The most popular names include Barcelona, Paris Saint-Germain, Juventus, Manchester City, Atlético de Madrid, Inter Milan, Arsenal, Roma, Golden State Warriors, Aston Martin Cognizant Formula 1, OG, CAI & UFC, and lots of others.

Each team that partners with Chiliz can customize its Fan Tokens, while Fan Tokens can also grant holders influence over decisions presented by the team, such as new uniform designs or celebration songs.

The total supply of CHZ is limited to 8.8 billion tokens, and once a fan buys CHZ tokens, he can use them to purchase Fan Tokens of their favorite teams from Socios.com. CHZ tokens can be bought from the platform’s own exchange, Chiliz.net, as well as on many popular cryptocurrency exchanges.

Changes on the horizon?

Chiliz is a project with big potential; the popularity of this project is rising across the globe, and every fan that is interested in having a direct influence on his favorite team may find value in the CHZ token. The beginning of 2023 has been very successful for Chiliz (CHZ), and the price of this crypto added more than 60% to its value.

Despite this, investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain, capping any upside potential in the short term.

Bloomberg Intelligence’s Senior Macro Strategist, Mike McGlone, said that the U.S. stock market could see further losses over the coming months, and investors should keep in mind that the crypto market displayed a high correlation with U.S. equities. However, if the macroeconomic landscape improves, McGlone expects the crypto industry to “resume beating most equity indexes.

“The U.S. stock market could see further losses in the months ahead, and in that scenario, crypto could follow and re-test its critical support levels if the latter assets trend to the downside. The “first real recession” for digital assets could usher in an era of “lower asset prices and higher volatility.”

– Mike McGlone, Senior Macro Strategist, Bloomberg

Lisa Shallet, CIO of Morgan Stanley Wealth Management, said this week that the current U.S. equity dynamics suggest a liquidity-driven speculative rebound within a bear market, not a new bull. For now, bulls continue to control the price movement of Chiliz (CHZ), but the highly volatile nature of the cryptocurrencies may scare investors again to sell Chiliz if a dip happens in the cryptocurrency market.

Technical analysis for Chiliz (CHZ)

Chiliz (CHZ) has advanced more than 60% since the beginning of January 2023, rising from $0.099 to a high of $0.164. The current price of Chiliz stands at $0.162, and as long the price of CHZ is above $0.150, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Important support & resistance levels for Chiliz (CHZ)

On this chart (the period from April 2022), I marked important support and resistance levels that can help traders to understand where the price could move. According to technical analysis, bulls continue to control the price movement of Chiliz (CHZ), and if the price advances above $0.18, the next target could be resistance that stands at $0.20. The current support level is $0.15, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.13. If the price drops below $0.10, which represents very strong support, the next target could be located around $0.09 or even below.

What speaks for the rise in the Chiliz (CHZ) price

The amount of CHZ traded over the last several hours saw a significant increase, and if the price advances above $0.18, the next target could be resistance at $0.20. Traders are buying Chiliz (CHZ) despite the expectations of “some market turbulence,” and according to the technical picture, CHZ still has room for the upside.

Traders should also consider that the price of Chiliz is correlated with Bitcoin, and if the price of Bitcoin jumps above $25000, we can see this cryptocurrency at a higher price level than the current price.

What indicates the downfall of Chiliz (CHZ)

The beginning of the 2023 year has been very successful for Chiliz (CHZ), but investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain. Economists have warned that a global recession could be on the horizon, and the consensus appears that the price of Chiliz could drop again to levels seen in December 2022.

The current support level for CHZ stands at $0.15, and if the price falls below this level, the next target could be $0.13. The price of CHZ is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $22000 price level, that would certainly have a negative influence on the price of Chiliz.

What do analysts and experts say

Major central banks continue with an aggressive stance to fight inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer again in such conditions.

Many analysts are warning that Fed will hold interest rates at restrictive levels for longer, and according to IBES data from Refinitiv, analysts now expect S&P 500 earnings to fall 3.1% in the first quarter and 2.9% in the second quarter compared to their year-ago periods.

A surprisingly strong jobs report that was released last week may mean more aggressive actions from the Fed to reduce inflation, and because of this, analysts expect a recession that could hit stocks and cryptocurrencies again.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.