- Chiliz price has been in a tight range in the past few days.
- Fan tokens like OG, PSG, and ATM are surging.
Chiliz price moved sideways on Thursday even as fan tokens surged. The CHZ token is trading at $0.12 where it has been in the past few days. This performance has mirrored that of Bitcoin, Ethereum, and other cryptocurrencies.
Fan tokens surge
Chiliz is a leading blockchain industry that hopes to change some key industries. At present, Chiliz is a company that partners with sports clubs and helps them launch their fan tokens.
A fan token is a cryptocurrency that helps boost the relationship between a cub and its fans. Holders of these tokens can vote on minor issues such as the team player of the year. These tokens do not give holders a mandate to vote on other top decisions like on who to hire.
Fan tokens have been embraced by some of the most powerful and influential teams around. Some of the biggest fan tokens are by clubs like Paris Saint-Germain, Manchester City, FC Barcelona, and Santos. Alpine, a leading Formula 1 team also owns a fan token.
Read more about the best crypto wallets.
According to Fan Market Cap, there are now 63 fan tokens around. These tokens have a total market cap of more than $279 million, making the industry relatively small.
Chiliz also owns Socios, a platform that enables people to trade fan tokens and take part in the affairs of your favorite teams. Recently, the company partnered with Lionel Messi, who is now the face of the application.
Chiliz price has mirrored that of other cryptocurrencies even as fan token prices surge. In the past 7 days, the PSG fan token has risen by 14% while that of Barcelona has risen by 16%. Other top coins are AC Milan, whose price has risen by 25%. Atletico Madrid’s ATM has jumped by 28% while OG, ASR, and GOZ tokens have risen by over 50%.
Chiliz price prediction
The four-hour chart shows that the CHZ price has been in a tight range in the past few weeks. The coin remains between the horizontal channel shown in black. It is also oscillating along the 25-day and 50-day moving averages while the Relative Strength Index has moved below the neutral level.
Therefore, the coin will likely have a bearish breakout since it has formed what looks like a bearish flag pattern. If this happens, the next key support level will be at $0.1127. A move above the resistance at $0.1252 will invalidate the bearish view.
