Chiliz’s targeting of sports fans was a stroke of genius that allowed fans to interact with their clubs. Traditionally, the sports industry has struggled to connect with its fans. In most cases, the only way the two entities have connected is through users being for merchandise, subscribing for pay per view and attending games. However, with Chiliz, there is a direct interaction between teams and their fans.
Unfortunately for Chiliz, its native token, CHZ, has continually underperformed in the markets. In today’s trading session, the cryptocurrency is down 9 per cent. The aggressive bearish move is a continuation of a long-term trend that has continued to dominate the markets and has resulted in the token dropping by 23 per cent in June.
Looking at data from the past few months, the current aggressive bearish trend has been persistent for months. For example, in May, Chiliz’s price dropped by 28 per cent, continuing a trend that had resulted in a 39 per cent price drop in April.
Despite having strong fundamentals, great ideas and a huge userbase, Chiliz is struggling in the markets. In today’s trading session, the crypto is down by 9 per cent. The strong bearish move is also looking highly likely to continue throughout the session.
Looking at the chart below, the Williams Alligator indicator is also showing strong signs of a bearish market. This is despite the crypto recording one of its best days in weeks, where its prices rose by 8 per cent. Yesterday’s push to the upside happened after the crypto touched the $0.0875 support level and failed to break to the downside.
Therefore, putting all the recent price action together, my Chiliz price prediction expects the prices to continue trading downwards for the next few trading sessions. As a result, there is a high likelihood that we will see the prices trade below the $0.0875 support level.
However, my bearish trend analysis will be invalidated if the prices rise to trade above $0.11. It will also mean a possible price reversal has happened.
This post was last modified on %s = human-readable time difference 15:27