Bitcoin
BTC$69 754.66

-1.09%

Ethereum
ETH$3 535.01

-1.36%

Tether
USDT$1.000194

0.06%

Binance Coin
BNB$612.93

4.06%

Solana
SOL$183.87

-1.70%

XRP
XRP$0.614215

-1.52%

Chiliz (CHZ) Price Analysis and Forecast


January 2020

Chiliz (CHZ) is a relatively new cryptocurrency that got listed on the major cryptocurrency exchanges a little bit over six months ago, on July 1, 2019. At the time of its emergence, the coin was traded at a price of $0.0164, which is higher than its current price of $0.007 (as of the time of writing) by 58%. The crypto was immediately spotted and listed by one of the biggest trading platforms, Binance that now hosts half of the coin's average trading volume, which amounts to $2 - $2.2 million per day. 

CHZ has taken a somewhat prominent position in the global ranking, as for the new cryptocurrency, which is only 15 steps below the Top 100 on Coinmarketcap. The market capitalization of Chiliz now stands at $26 million, having decreased from its record levels of $66,4 million, acquired in November when the price of CHZ was at its peak.

Fundamentals: a coin for football fans


Although the initial period of Chiliz's entrance to the crypto scene can't be dubbed as overwhelming, it's not the price action that requires immediate attention, but the fundamentals. The reason is that CHZ is arguably the first cryptocurrency that was developed specifically for the sports industry, which is characterized by the outstandingly high capitalization and the global fan base that accounts for billions of people.

The coin has undertaken the role of a driving power behind the blockchain-based platform Socios.com that was created by the British tech company of the same name, which specializes in the development of tokenization solutions for sports teams.

Whereas the majority of new cryptocurrencies are entering the market with little to no products to back the promises of high returns, Chiliz has a lot to show for as its team has already launched the platform that is now available on Google Play and concluded a partnership deals with such prominent football teams as Juventus, Paris Saint-Germain, Galatasaray, AS Roma, and Atletico Madrid.

Juventus has already launched a fully-fledged app that lets the fans acquire the JUVE tokens that can be exchanged to CHZ. This means that the demand for Chiliz will increase over time and drive the price of the coin way beyond its all-time high of $0.0207.

Counter-attacking the downtrend    


On the all-time chart above, you saw that CHZ had immediately gone into a correction, accompanied by the dead cat bounce, after hitting the all-time high. That phase lasted from July till October, interrupted only by a short uphill hike above $0.01. Subsequently, Chiliz went on another bull rally but failed to reach the previous heights. The daily chart below shows the latest correction corridor, which CHZ has broken on January 3 with three green candles.

But the coin didn't manage to perform a full breakout and is now being pushed back towards the descending line. The 12-hour chart, and low trading volume, also shows that the coin has exhausted its strength for now and is likely to fall to the area of $0.0063 in the next few days.

Many major technical indicators are pointing at a strong sell: SMA and EMA are negative on all time frames, supported by the 9-day Hull Moving Average. The RSI and Stochastic remain neutral. The best thing to do right now would be to wait for a further dip and a confirmation of a trend reversal, and then enter a long position because Chiliz is likely to perform well this year.

Author: Alex Paulson for Crypto-Rating.com

Related

Chiliz (CHZ) Displays the Moderately Bullish Stance
Chiliz (CHZ) Displays the Moderately Bullish Stance
Chiliz (CHZ): Price Action Stalls Before the Breakout
Chiliz (CHZ): Price Action Stalls Before the Breakout
Chiliz (CHZ): Price Gets a Boost After the UFC Partnership
Chiliz (CHZ): Price Gets a Boost After the UFC Partnership
Chiliz Degrading on the Back of the Halted Football Events
Chiliz Degrading on the Back of the Halted Football Events

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78.8% 42 $69 754.66 -1.09% 6.48% $1 371 888 833 628 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 50 $3 535.01 -1.36% 1.94% $424 450 793 358 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000194 0.06% -0.04% $104 524 593 624 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 80 $612.93 4.06% 5.41% $91 655 208 219 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60.4% 88 $183.87 -1.70% 4.28% $81 714 371 355 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 83.2% 28 $0.614215 -1.52% -2.68% $33 710 727 268 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.6% 2 $1.000074 -0.01% 0.01% $32 492 535 488 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 66 $0.214300 5.97% 33.42% $30 787 198 559 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.6% 66 $0.640124 -1.59% 1.35% $22 778 196 412 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 59.6% 87 $53.33 -2.25% -4.02% $20 127 136 651 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.4% 94 $0.000031 -1.21% 11.54% $18 130 400 221 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 56.4% 87 $4.82 -1.67% 9.28% $16 725 712 566 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 75.2% 49 $9.42 -1.36% 2.16% $13 443 984 853 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 73.2% 58 $594.45 5.76% 45.07% $11 700 102 719 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 75.6% 42 $18.85 -4.45% 3.53% $11 064 692 457 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.