Chiliz (CHZ) has weakened more than 20% since April 19, 2023, falling from $0.142 to a low of $0.103. The current price of Chiliz (CHZ) stands at $0.107, which is more than 40% off from its 2023 highs that were registered in February.
According to the American Association of Individual Investors (AAII) Sentiment Survey, optimism among individual investors fell to a seven-week low this Friday, and the ongoing debt ceiling negotiations in Washington continue to make investors nervous. But where is the price of Chiliz (CHZ) going next, and what can we expect from June 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.
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- 1 A game changer in fan engagement
- 2 Chiliz launches public mainnet of Chiliz Chain
- 3 Optimism among investors at seven-week low
- 4 Long shot debt default
- 5 Technical analysis for Chiliz (CHZ)
- 6 Important support & resistance levels for Chiliz (CHZ)
- 7 What speaks for the rise in the Shiba Inu (SHIB) price
- 8 What indicates the downfall of Chiliz (CHZ)
- 9 What do analysts and experts say?
A game changer in fan engagement
Chiliz (CHZ) is a cryptocurrency that allows sports teams to build direct relationships with their global audiences. 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 it allows fans to access engaged communities on the Socios.com app, where they can connect with their favorite teams and earn rewards.
The most famous sports teams allowed their fans to purchase Fan Tokens using the CHZ token and the most popular names 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 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.
Supply: 5,960,000,000 / 8,888,890,368
Release date: July 3, 2019
Description: Join the fan token revolution!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Chiliz launches public mainnet of Chiliz Chain
Chiliz is a project with big potential that is constantly working on new features, and on May 10, 2023, it officially launched the public mainnet of Chiliz Chain, marking the start of the next phase in its mission to enhance the relationship between fans, communities, and their favorite sports teams and brands through blockchain technology. Chiliz Chain is a Layer-1, EMV-compatible, Proof of Staked Authority (PoSA) blockchain that will deliver the infrastructure for brands and sports teams to build Web3 products that foster greater interaction with their communities.
Chiliz Chain will provide lower fees and support shorter block time while all fees on Chiliz Chain will be paid using Chiliz native token CHZ. According to the team behind Chiliz, Chiliz Chain opens the door to Chiliz’s existing sports network of Socios.com partners and other major brands from sport and beyond to explore innovative new ways to bring fans and communities together through Fan Tokens and web3 technology.
“We’re proud to officially introduce the global sports community to Chiliz Chain, the Sports Blockchain. We’ve been building towards this moment for a long time and it’s a huge step forward for us.Through our long-term commitment to innovation, our network, new partnerships and by fostering sports focused blockchain projects, Chiliz Chain can grow to form the backbone of web3 in sport, providing the infrastructure behind the next generation of products, experiences and services for teams, brands and their fans.”
– Alexandre Dreyfus, CEO of Chiliz
Optimism among investors at seven-week low
The beginning of the 2023 year has been very successful for Chiliz (CHZ), but the price of CHZ has remained under pressure since April 19, 2023, and the risk of further decline is still not over. Regional banking fears, tough Fed talk, and rhetoric over the debt ceiling from U.S. politicians will continue to have a major influence on the financial markets in the weeks ahead. There are currently too much important things that could easily go wrong, and a recommendation is that investors should continue to take a defensive investment approach.
According to the American Association of Individual Investors (AAII) Sentiment Survey, optimism among individual investors fell to a seven-week low this Friday. Expectations that prices of riskier assets (stocks and cryptocurrencies ) will rise over the next six months tumbled 6.5% to 22.9%, and the American Association of Individual Investors warned that the current standoff over raising the debt ceiling could have a significantly negative impact on financial markets.
Long shot debt default
U.S. Treasury Secretary Janet Yellen expressed concerns that a default on government debt could leave millions of Americans without income payments, and there is a question of whether there’s enough time to get a full deal done rather than a temporary extension. The ongoing debt ceiling negotiations in Washington continue to make investors nervous, but according to the latest news, a deal to avoid a catastrophic U.S. debt default could be reached over the weekend.
Analysts expect that the Treasury Department could dramatically ramp up its issuance of short-term Treasury debt after Congress raises the debt ceiling as it seeks to replenish cash balances in its general account. Despite this, the upside potential for the price of Chiliz (CHZ) probably remains limited for the weeks ahead, and traders should keep Bitcoin on their watchlist while placing a short position toward the area.
Technical analysis for Chiliz (CHZ)
Chiliz (CHZ) has weakened from $0.142 to $0.103 since April 19, 2023, and the current price stands at $0.107. Chiliz (CHZ) might have a hard time holding above the $0.100 level in the upcoming days, and a break below this level would indicate that CHZ could probably test the price level at $0.090.
Important support & resistance levels for Chiliz (CHZ)
On this chart (the period from September 2022), I marked important support and resistance levels that can help traders to understand where the price could move.
Chiliz (CHZ) remains under pressure, but if the price advances above the resistance that stands at $0.120, the next target could be $0.130. If the price drops below $0.100, which represents an important psychological support level, the next target could be located around $0.090.
What speaks for the rise in the Shiba Inu (SHIB) price
The overall sentiment on the cryptocurrency market can play a crucial role in CHZ’s price trajectory. If investors regain confidence and the market recovers from recent setbacks, an upside potential could benefit Chiliz (CHZ) and other major cryptocurrencies.
According to the rules of technical analysis, Chiliz (CHZ) remains in a bear market, but if the price advances above the resistance that stands at $0.120, the next target could be $0.130 or even resistance at $0.140.
What indicates the downfall of Chiliz (CHZ)
The beginning of the 2023 year has been very successful for Chiliz (CHZ), but the price of CHZ has remained under pressure since April 19, 2023. 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 below the current price levels.
The price of CHZ is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $25000 price level, that would certainly have a negative influence on the price of Chiliz.
What do analysts and experts say?
Fundamentals of Chiliz (CHZ) are strongly tied to the overall cryptocurrency market, and investors should consider that the effect of the 2022 crypto price crash, U.S. inflation growth, and interest rate hikes haven’t diminished from the market yet. At the same time, the ongoing debt ceiling negotiations in Washington continue to make investors nervous, and there are currently too much important things that could easily go wrong.
According to the American Association of Individual Investors, investor sentiment fell again, and we could see a further downside in the Bitcoin price. Because of this, Chiliz (CHZ) might have a hard time holding above the current support level, which stands at $0.100.
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.
Why has Chiliz flipped 30% downward during the World Cup?
