Advertisement
AD

Main navigation

Chiliz (CHZ) at 45% Increase in Last 7 Days: Here's Why

Advertisement
Thu, 18/08/2022 - 12:05
Chiliz (CHZ) at 45% Increase in Last 7 Days: Here's Why
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Chiliz is one of the biggest entertainment and sports cryptocurrencies created by a Malta-based fintech provider. The token has been recently endorsed by Arsenal Football Club, which most likely caused the weeklong rally on the market that put Chiliz in first place as the most profitable asset.

Advertisement

The token itself operates on blockchain-based sports entertainment platform Socios, which enables participation in the life of favorite sports clubs and brands. The token offers the club new revenue streams and benefits for their fans.

Article image
Source: CoinMarketCap

Previously, the elite football club Arsenal FC was actively promoting the token, which caused an immediate reaction to the U.K. advertising watchdog as digital assets bring a lot of risks.

CHZ price performance

Since the end of July, CHZ gained over 120% to its value, breaking every resistance level possible and showing a sign of a trend reversal that would put it closer to price levels investors saw previously, back when Chiliz was moving around $0.5 and even aiming at $1 per token.

At press time, the token broke through the 200-day moving average that was separating the asset from entering an uptrend and kept it in downward movement for the last 250 days.

Related

It is not the first successful breakthrough of CHZ, as the token previously reversed swiftly and broke the aforementioned resistance, reaching the $0.33 price level. Due to a lack of positive inflows and bearish sentiment on the market, the token has quickly reversed back to the downtrend.

According to volume profiles, Chiliz is successfully moving up with the support of traders and investors, which means the current rally is not hollow and may transform into a long-term trend.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD