The Chiliz price rocketed higher during the weekend as demand for the token jumped. The CHZ price jumped to an all-time high of $0.8443, which was about 225% above the lowest level in October. At its peak during the weekend, the token had a market capitalisation of more than $3 billion.
The strong rebound of Chilliz was short-lived as its price has crashed by more than 50%. It is trading at $0.4260, bringing its market capitalisation to more than $2.5 billion.
There are several reasons why the Chiliz price rebounded. First, the price rally coincided with the strong performance lf other gaming-related cryptocurrencies like Decentraland’s MANA and Axie Infinity’s AXS.
At the same time, investors cheered news that AC Milan would become the first club to launch Non-fungible Tokens (NFT) using Chiliz technology. Holders of the ACM Fan Token will receive a limited edition of key moments in its match with AS Roma.
Other clubs that have embraced Chiliz NFT platforms are SSC Napoli, Bologna, Los Angeles Lakers, and Sao Paolo. The company also partnered with Checkout.com. The centralized payments unicorn will manage, process, and support the company’s financial needs.
The four-hour chart shows that the Chiliz price jumped sharply during the weekend. This rally made it one of the biggest winners in October. However, the coin gave up most of its gains.
It also retested the key support level at $0.3790, which was the highest level on October 7th. It remained slightly above the 25-period and 50-period moving averages. The two lines of the MACD have also made a bearish crossover pattern.
Therefore, at this point, there is a likelihood that the price will resume the bullish trend since it has already formed a break and retest pattern. If this happens, it will likely retest the key psychological level at $0.50. On the flip side, a move below the support at $0.3790 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 08:59