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Altcoin Thursday: Chiliz (CHZ)

18 Nov  2021 | ZebPay Trade-Desk

Chiliz (CHZ) is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement & rewards platform As the exclusive on-platform currency, fans use CHZ to purchase these branded Fan Tokens, which give users influential decision-making power by allowing them to vote on polls our partners publish within the Socios app.  Chiliz fan tokens continue to generate significant trading volumes. To date, Chiliz fan token volume has exceeded $40 billion, most of which has come in the past year alone.

Chiliz post consolidating between $0.35 to $0.28, gave a breakout on 30th October and skyrocketed upto $0.65. However, the asset was not able to sustain at higher levels and witnessed profit booking from its recent high. Technically on the daily time frame, CHZ is making a ‘Pennant Pattern’ (Continuous Pattern), where there is a large movement in an asset, known as the flagpole, followed by a consolidation period with converging trend lines. Once the breakout occurs above the pattern with good volumes then we can expect another rally whereas a break below the pattern may lead to further downfall.

Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.


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