October 7, 2022

Chiliz (CHZ) is a blockchain technology company that aims to tokenize the sports and entertainment sector.

  • CHZ is showing huge traction and uptrend despite bearish market
  • Chili’s partners with huge sports organizations and teams
  • CHZ price up 6.21% as of press time

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Chiliz has led to major development and partnerships with huge sports organizations and teams around the world.

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According to CoinMarketCapCHZ price is up 6.21% or is trading at $0.2161 as of this writing.

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CHZ cooperates with sports clubs

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CHZ has shown a huge jump in prices after Chiliz’s partnership with FC Barcelona, ​​a renowned Spanish football club, last month.

The coin saw an increase of 73% on August 18th, marking a four-month high. This recent price increase anchored the token to outperform major cryptos such as Bitcoin and Ethereum.

Basically, Chilliz is an open platform that allows various sports organizations to own limited tradable fan tokens that provide their fans with exclusive membership benefits and perks, access to NFTs, voting rights and trading rewards.

Chiliz has expanded its network with football clubs and organizations including FC Barcelona, ​​Paris-Saint Germain, Manchester City and Atlético de Madrid.

Sports teams partner with Chillies for brand awareness and marketing, while also providing fans with a modern and immersive experience.

CHZ Is Joining the Ranks of Top Performing Cryptos

Chiliz currently 47 . Isth Largest crypto in terms of market cap at $1,293 billion as of this writing.

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CHZ has joined the bandwagon of the top performing cryptos currently over the weekend. The coin is up 9.2% so far in the last 24 hours.

This may be a minimal spike compared to the performance of other coins, but at this point, CHZ’s performance is exceptional considering the bearish market.

CHZ recently announced its plans to launch a new fan token on 15 September which has encouraged more investors to buy and trade the coin.

Technical factors also contributed to CHZ’s uptrend. The cryptocurrency has been extremely bearish as it experienced a correction from $0.24 to a weekly low of $0.164.

The RSI for CHZ is moving above 50, which means that there is a strong buying pressure. The performance of Chiliz last week is comparatively lower than it was a week ago against the last major support area.

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CHZ total market cap at $1.4 billion on the daily chart | Source: TradingView.com

Featured image from DailyCoin, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).