- Chiliz pric has gone parabolic in the past few months.
- The current rally happened as fan tokens like Santos and Porto surged.
Chiliz price continued its spectacular comeback as fan tokens continued soaring. The CHZ price spiked to a high of $0.2830, which was the highest level since April this year. It has jumped by more than 231% from its lowest level this year, giving it a market cap of over $1.6 billion.
Fan token prices surge
Chiliz is one of the most unique blockchain projects in the industry. It is a platform in the sports, entertainment, and non-fungible token (NFT). The company partners with teams and helps them launch fan tokens.
A fan token is a cryptocurrency that teams use to increase engagement with their fans. Holders of these tokens can get discounts and even rewards for supporting a certain team.
In addition to providing the technology, Chiliz also provides a platform known as Socios where people can trade these tokens.
According to Fan Market Cap, there are now 69 fan tokens in the world that have a combined market cap of over $469 million. All big teams like Barcelona, Manchester City, and Paris Saint-Germain have launched their tokens.
Chiliz price has risen in the past few months because of the strong performance of fan tokens. For example, the fan token of Santos FC has risen by more than 40% in the past 24 hours. In the same period, Lazio, FC Porto, Portugal National Team and Argentine Football Association have all rallied by more than 10% in the past 24 hours.
In the same period, Flamengo price has rallied by over 92%. Other top performers are Porto, OG, and AS Roma.
Chiliz price also rallied after FIFA launched FIFA+ NFT platform that is built on top of Algorand. This launch happened a few months ahead of the upcoming FIFA World Cup, which is expected to be a catalyst for Chiliz.
Chiliz price prediction
The daily chart shows that the CHZ price has been in a strong bullish trend in the past few months. In this period, the coin has moved above the 25-day and 50-day moving averages. At the same time, it managed to invalidate the double-top pattern that has been forming.
At the same time, Chiliz formed an inverted head and shoulders pattern. Therefore, the path of the least resistance for Chiliz is to the upside. If this happens, the next key resistance level to watch will be at $0.35.
