- Chiliz price has been in a strong bullish trend in the past few weeks.
- Fan tokens like Alpine and Porto have been rising.
Chiliz price has made a strong rebound in the past few months after a strong rebound of fan tokes. The CHZ token rose to a high of $0.2667, which was the highest level since April this year. It has jumped by 235% from the lowest level this year, bringing its market cap to over $1.1 billion.
Fan Market Tokens rebound
Chiliz is a leading blockchain project in the sports and entertainment industry. It is well-known for running a platform known as Socios, which is a network where people buy and sell fan tokens. Socios has a marketing partnership with Lionel Messi.
Chiliz has inked deals with tens of clubs and teams like Lazio, Barcelona, Alpine, and Santos among others. In total, there are 67 fan tokens that have a total market cap of over $463 million. Recently, the prices of key tokens like PORTO, ALPINE, PORTO, and Barcelona have jumped by more than 10% in the past 24 hours.
Recent data show that the volume of fan token sales has jumped sharply in the past few months. According to CryptoSlam, the total volume of fan tokens sold in August rose to over $8 billion. This was significantly higher than the $3.6 billion sold in July and the $3.8 billion in June.
Chiliz price also rose after the developer announced that they will stop using Ethereum’s blockchain to launch fungible and non-fungible tokens (NFT). It is also rising after the CHZ received its first listing in Japan.
DMM Bitcoin, a leading Japanese exchange said that it will list the coin and make it accessible to thousands of users. This listing will happen ahead of the Chiliz 2.0 mainnet launch in Q4’22.
CHZ price also rose after Socios decided to extend a deal to provide $ARG fan token for the Argentine Football Association (AFA) through at least 2026.
Chiliz price forecast
The four-hour chart shows that Chiliz has been in a strong upward trend in the past few weeks. The coin has moved above the 25-day and 50-day moving averages. It has also formed a bullish flag pattern that is shown in black. In price action analysis, this pattern is usually a bullish signal.
The Relative Strength Index (RSI) has moved above the neutral point at 5o. Therefore, the coin will likely continue rising as bulls target the next key resistance point at $0.30.
