- Chiliz price has severely underperformed during the World Cup season.
- It drifted upwards on Thursday because of the strong Lionel Messi performance.
Chiliz price has not had good performance during the QatarWorld Cup as most analysts were expecting. Instead, CHZ has fallen by more than 53% from its highest level in November. It was trading at $0.1441 on Thursday, the lowest level since August 9 of this year.
Fan Tokens soar
Chiliz price tilted higher on Thursday as some of the biggest fan tokens soared. PSG price went vertical and soared by 20% while SANTOS, BAR, CITY, JUV, and Porto surged by more than 10%. According to Binance, eight of the best-performing tokens in the prior 24 hours were all fan tokens.
For starters, fan tokens are cryptocurrencies that are created by sports teams to deepen their engagements with their fans. Fan token holders get several benefits, including gaining access to shopping discounts and the ability to vote on some key issues in the team.
Still, analysts question the value that fan token holders generate by owning them. For one, while some clubs allow voting by holders, the votes in question tends to be minor. Instead, the most important decisions tend to be made by the management. Also, I am yet to find anyone who owns a fan token because of the discounts offered to holders.
Learn more about how to buy Chiliz.
Chiliz is a blockchain project that is at the center of the Fan Token Offering (FTO) industry. It makes it possible for teams to create these tokens. Further, it owns a platform known as Socios where users can trade these assets.
Chiliz price rose slightly because of the upcoming World Cup Final between Argentina and France. It is an important match because Argentina’s Lionel Messi is the face of Socios. This also explains why the PSG token has risen by more than 20% since Messi plays for the team.
Also, it rose after the Chiliz committed to investing $30 million in GameUSD, a sports memorabilia website for sports.
Chiliz price forecast
The CHZ price has been in a strong bearish trend in the past few weeks. By so-doing, it has erased most of the gains it made before the World Cup started. The coin has crashed below the 25-day and 50-day moving averages and the important support level at $0.1452.
Chiliz has also seen its Relative Strength Index (RSI) retreat close to the oversold level. Therefore, the outlook for Chiliz is still bearish, with the next key support level being at $0.10. A move above the resistance point at $0.1715 will invalidate the bearish view.
