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The crypto industry has been suffering from a bearish market sentiment since early 2022. But this was not all that would go wrong with the market this year. The recent collapse of the crypto behemoth FTX came as another blow to the industry. Following this, the prices of even the most performant crypto, Bitcoin, came to a new two-year low.
But not everything is going wrong in the crypto world since there is good news. Another less-known crypto called Chiliz (CHZ) has been performing relatively well despite the bearish sentiment in the market. The crypto coin recently hit the $0.22 mark leaving many wondering if it will reach $0.25 in the coming days. But is this possible in this bearish market? Let’s dive deeper to get the answer to this question.
Let’s Start With The Overview of Chiliz (CHZ)
Chiliz (CHZ) is a digital currency founded by Alexandre Dreyfus in 2018. The coin powers the blockchain network behind the fan engagement platform called Socios.com. Mr. Dreyfus made this revenue generator for the sports industry with two decades of experience in developing and growing web-based companies.
Users of Socios.com can use their Chiliz (CHZ) holdings to vote for their favorite sports club and even invest in different sports entities. This gives Chiliz (CHZ) holders a voice in decision-making affecting real-world teams and organizations. In return, sporting entities can leverage the potential of blockchain technology to generate more revenue and engage more audiences.
Chiliz (CHZ) allows the token holders to buy branded fan tokens from different sporting teams, including English Premier League teams such as Manchester City and Arsenal. Besides that, Chiliz (CHZ) can even buy fan tokens from top European sides such as Juventus, AS Roma, Barcelona, Atletico Madrid, and Paris Saint Germain.
These fan tokens come with a limited supply and are specific to different teams. These tokens are made available to users on a first-come, first-served basis through a fan token offering (FTO). Every upcoming FTO is advertised on the website Socios.com. These fan tokens also provide users with access to an encrypted ledger of voting rights ownerships. Additionally, Chiliz (CHZ) tokens also power the blockchain network underpinning the Socios.com fan engagement platform.
Performance of Chiliz (CHZ) Until Now
The prices of Chiliz (CHZ) only gained bullish momentum in 2021. Prior to that, the prices remained relatively lower, with Chiliz (CHZ) prices hitting an all-time low of $0.004001 on the 27th of September 2019.
However, the prices of the token recovered a bit in mid-February 2022, reaching $0.014 before dropping again to $0.006 in March and April. By August 2020, the prices hit a new low of just $0.02, only to fall to $0.028 in late December 2020.
But come 2021, things changed for Chiliz (CHZ) for good. The token’s prices skyrocketed throughout 2021 when it soon reached an all-time high of $0.8915 on the 13th of March 2021.
However, the token lost this momentum in the following months due to many factors. But things changed again on the 6th of September 2021, with Chiliz (CHZ) reaching $0.4495. The prices then continued to soar in the coming months reaching $0.5935 on the 13th of November. This surge came up after the platform enhanced its offerings for users.
Following this peak in November, the prices again went down at the start of 2022 in January. The prices soared again in February 2022, reaching a daily high of $0.2455 on the 10th of February 2022. This was when Socios announced its partnership with UEFA, the organization that runs European football.
Unfortunately, the following months brought much bad news for crypto, given the market’s bearish sentiment. The token reached a low of $0.08135 on the 18th of June, 2022.
But things again changed for good since July 2022 vans; the token has maintained a consistent price over the $10 mark. As of November 2022, the Chiliz (CHZ) token holds a price of $0.22, and the prices have grown by 1.32% in the last 24 hours with a market cap of $1.4 billion and a 24-hour trading volume of $852.6 million.
Chiliz (CHZ) Price Prediction Technical Analysis
Chiliz (CHZ) is one of those few cryptos that has been performing relatively well even in 2022. There can be many factors contributing to this bullish performance, but the fact that sports enthusiasts are spending on this token is an important factor. The entire idea behind the Chiliz (CHZ) token is excellent since it allows sporting agencies to generate more revenue and engage fans.
Another important factor is fueling the rise of Chiliz (CHZ) in this bearish crypto market. The surprising fact that the FIFA World Cup is taking place this month in Qatar might also be another reason why the token’s price is increasing. If this trend continues for a couple more weeks, chances are high that Chiliz (CHZ) will breach the $0.25 soon.
That said, crypto traders and investors must not undermine the volatile nature of the crypto market. Hence, you should research and analyze the market trends to get a better idea of what the future holds for the token.
Bottom Line
There is no effective way to determine a crypto token’s future performance in this volatile environment. The best an investor can do is keep up with all the developments in the industry and consult experts to get a better idea. Speaking of market trends, it is worth noting that Dash 2 Trade (D2T) successfully raised a capital of $40,012,000 with its pre-sales endeavors, even in this bearish market.
Besides that, $TARO, the native crypto token of RobotEra, is also making great strides by raising a total hard capital worth $6,930,000 in just three presale stages. Other cryptocurrencies, including Calvaria and IMPT, are also performing well. These trends set a positive sentiment in the market despite the recent collapse of FTX and the overall bearish trends in the market.
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