Chiliz (CHZ) has benefited from the rising demand for fan tokens brought on by supporters making plans for the FIFA World Cup 2022 in Qatar.
Currently, the CHZ token is trading at $0.253, up 10.5% in the last 24 hours and up by 8.86% in the previous seven days, according to CoinMarketCap data retrieved by Finbold on November 18.
The total market worth of Chiliz is $1.51 billion adding over 160 million to its market worth in 24 hours from $1.35 billion. What’s more, the CHZ token leads the top 100 cryptocurrencies by market cap in terms of gains, with Stacks (STX) in second place and Litecoin (LTC) in third, respectively.
CHZ price analysis
Interestingly, as per data retrieved on November 11, the number of votes cast by CoinMarketCap members using the platform’s Price Estimate feature demonstrates the belief of the crypto community that Chiliz would be trading at a median price of $0.2035 on December 31, 2022, a bearish (-17.50%) from its current price.
CHZ’s technical analysis (TA) indicators on the 1-day scale look positive. The summary gauge is a ‘strong buy’ at 17, while the moving averages point to a ‘strong buy’ at 14. Meanwhile, the weekly oscillators are a ‘buy’ with 3.
Notably, pseudonymous crypto trading expert Altcoin Sherpa believes that the price of CHZ will continue to run, noting it is one of the strong altcoins right now, and the narrative around the World Cup could drive the token to $0.30.
“$CHZ: I think that this probably continues its run but this is an area of resistance. Still, this level has been soundly broken a few times already. WC narrative and everything else is prob going to carry this to $.30. 1 of the few strong alts rn.”
Meanwhile, Javon Marks was extremely bullish on CHZ suggesting it could climb over 100% to around $0.56.
Chiliz network development
Elsewhere, Alexandre Dreyfus, the chiliz CEO, highlighted there was a lot of excitement around the token and the Chiliz chain 2.0 that will be launched in a few weeks adding “$CHZ will move from being a token to a network.”
On November 20, Qatar will play host to the commencement of the FIFA World Cup 2022, and already, 2 days before the event, international sides and supporters have begun ramping up their activities.
It is anticipated that CHZ, along with other fan tokens of the like, would outperform altcoins and other meme currencies as the 2022 FIFA World Cup approaches.
Given that the network is expanding, the idea that CHZ would dramatically decline after traders have finished collecting profits and the frenzy around football dies down is debatable, although it could be a case of ‘buy the rumor, sell the news.’
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