Chiliz (CHZ) – a blockchain powered by the Ethereum Virtual Machine – has experienced a decline in its price today, down 4 percent in the last 24 hours. However, the trading volume has surged by 39 percent in the same period, which could indicate a reversal of fortune in the near future. Since January 1, the asset has fluctuated wildly, appreciating to a high of $0.1577 on February 8 and dropping back to its current value of $0.1075.

At current levels, the price of CHZ sits beneath the 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment in both the short and long term. The Relative Strength Index (RSI) is 28.15, indicating that the asset is oversold, meaning a retracement may be expected should it break past key levels of support. In a similar fashion, the Moving Average Convergence/Divergence (MACD) is also showing negative values, with the histogram bars at full strength and bearing a bearish outlook.

At present, the resistance at $0.11685719 is actively impeding any meaningful rally, but the asset may be at the tipping point of reaching a consolidation point. If broken, the price of CHZ could easily drop further, with the current support level at $0.108 being a major indicator of whether or not the asset has further to fall.

Chiliz is partnered up with a number of other sports brands, such as Jump Crypto, Paribu and Meria, in order to create a reliable blockchain network. Likewise, the Chiliz Labs project has been set up to provide a platform for sports teams to develop on the blockchain, with the hope that AI-based content, 3D digital sports gear and NFT tickets, amongst other Web3 products, will all be available in the near future. If these developments prove successful, then it will not just secure further real-world adoption for Chiliz, but also help to propel its price action back upwards



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