- Chiliz price has made a spectacular recovery in the past few days.
- The upcoming World Cup and Chiliz 2.0 launch could be catalysts.
Chiliz price has rebounded sharply in the past two days as cryptocurrencies rebound and as the Qatar World Cup nears. The CHZ price has rebounded to a high of $0.23, which is lower than its highest point this week but is about 60% above the lowest level this week. It is also about 190% above the lowest level this year.
Is World Cup a catalyst?
Chiliz is a leading blockchain project that is deeply integrated in the sports and entertainment industries. It is particularly known for its Socios.com product, which makes it possible for people to buy and sell fan tokens.
A fan token is a special cryptocurrency that is created and launched by a sports team or association. Token holders get a chance to receive perks from the club such as shopping and ticket discounts. They can also vote on important issues in the club.
There are now over 80 fan tokens, with the most popular ones being of teams like Lazio, Santos, FC Porto, and Alpine Formula 1 team among others. According to Fan Market Cap, these tokens have a total market cap of over $400 million.
Therefore, because of its exposure to the sports industry, some analysts believe that Chiliz price will rebound towards the World Cup event. The event will start later this month in Qatar and will have billions of users internationally. This is one of the reasons why Chiliz price has outperformed other coins recently.
Another catalyst for CHZ price is that the network is in a transition. The builders are now building Chiliz Chain 2.0, an EVM-compatible platform for builders. As a result, CHZ will transition from being an ERC-20 token to a coin.
Chiliz Chain will use the Proof-of-Staked Authority consensus, which will make it possible for other developers to build on top of it. It is now in its testnet. Once it goes live, it will offer significantly cheap gas prices and faster transaction speeds.
Chiliz price prediction
The daily chart shows that the CHZ price has made a strong recovery in the past few months. This rebound saw it soar to a high of $0.3066, which was the highest point since March this year. Chiliz, like other coins, also crashed this week after the collapse of FTX, a leading crypto exchange.
It has now rebounded and is approaching the key resistance level at $0.2645, the highest point since August 24. Therefore, there is a likelihood that Chiliz will continue rising as buyers target the key resistance level at $0.3065. A move above that price will push it higher since it will signal that there are still more buyers.
