Chiliz Drops to Monthly Low Despite FIFA World Cup Incoming

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The FIFA World cup is around the cor­ner, and the antic­i­pa­tions are high for the Chiliz ecosys­tem. But it is still trad­ing at a month­ly low

The first match of the FIFA World Cup Qatar will be played on Nov. 20. The biggest sport­ing event is expect­ed to be a mas­sive boost for the Web3 adop­tion with spon­sor­ships from Crypto.com and Visa. There is high antic­i­pa­tion from fan token ecosys­tems like Chiliz.

The fan tokens under the Chiliz ecosystem

Chiliz pow­ers socios.com, the cre­ators of fan tokens for var­i­ous foot­ball clubs such as Man­ches­ter City (CITY), Paris Saint-Ger­main (PSG), Arse­nal FC (AFC), AC Milan (ACM), and FC Barcelona (BAR).

 It is also the ecosys­tem behind the Ital­ian Nation­al Team Fan token (ITA), Por­tu­gal Nation­al Team Fan Token (POR), and Argenti­na Nation­al Team Fan Token (ARG). 

Chiliz ral­lied from mid-Octo­ber as the FIFA world approached clos­er. But today, the Chiliz token (CHZ) is trad­ing at a month­ly low despite the devel­op­ments in the Chiliz ecosystem.

The developments in the Chiliz ecosystem

Since mid-Octo­ber, the Chiliz ecosys­tem is in a list­ing spree. Poloniex exchange announced the list­ing of CITY, AFC, and PSG tokens on Oct. 24. On Nov. 2, Phe­mex list­ed six fan tokens from major foot­ball clubs for spot trad­ing. On the same day, Bitrue enabled trad­ing USDT pairs of BAR and PSG. The next day, the Bit­Mart exchange announced a give­away to cel­e­brate the fan token list­ing of PSG, CITY, and ACM.

Not just foot­ball clubs, exchanges also list­ed fan tokens for nation­al foot­ball teams. The Ital­ian Nation­al Team Fan token has been list­ed on Bit­get, Huo­bi, MEXC Glob­al, and Bit­Mart over the past cou­ple of weeks. Bit­Mart also list­ed the Por­tu­gal Nation­al Team Fan token last week.

Chiliz also announced ChilizX- their native exchange for fan tokens last month. They have plans for their native chain- Chiliz Chain 2.0, which will be an Ethereum Vir­tu­al Machine (EVM) com­pat­i­ble chain. 

What does the price action say?

Even with the devel­op­ments in the ecosys­tem, the token is trad­ing at a month­ly low. This is prob­a­bly due to the recent FTX-Binance sit­u­a­tions that have led to a decline in the entire cryp­to mar­ket. What does the price action say now?

The last two days have wiped off the entire uptrend of CHZ; the token is down more than 35% in two days. The price is trad­ing at $0.1729 as of writ­ing. But can it give a bull­ish reversal?

CHZ has already test­ed the sol­id sup­port at $0.1659. On the week­ly time­frame, the same area had giv­en a bounce of around 30% most of the time when there was a sol­id dump. The pres­ence of a 200-day Sim­ple Mov­ing Aver­age (SMA) adds to the strength of the support.

How­ev­er, con­sid­er­ing the sen­ti­ments in the mar­ket, this zone may not give a V‑shaped recov­ery. The price needs to con­sol­i­date around this area, form­ing a sol­id base and then giv­ing a breakout.

If the price clos­es below this sup­port, it will be a dou­ble-top break­down. The bear­ish break­down might send the price down to 0.1100 lev­els. Also, the 200-day SMA will act as a resis­tance if there is a clos­ing below it. How­ev­er, CHZ might give a slight bounce from $0.1413 if there is a breakdown.

Source: Trad­ingView

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