When you combine Fintech and Sports, you get Chiliz. Chiliz is a leading fintech platform for the sports industry. It has been backed by one of the leading and dominant crypto exchanges – Binance.
Binance was an early investor in Chiliz and has now announced a partnership with Chiliz which will allow the farming of fan tokens on Binance by staking Binance Coin (BNB), Binance USD (BUSD), and Chiliz tokens (CHZ). Fundamentally, this news is great for CHZ. Now let us review CHZ technically and offer some Chiliz price predictions.
CHZ/USD – Price Prediction
Let us review the daily candle chart.
CHZ is trading just above a weak support zone of $0.01422. If it can hold this support, we can see a move towards $0.01504, $0.01713, and $0.0200. Failure to hold the support at $0.01422 could lead to a drop in CHZ price towards $0.01299 and $0.01191, which would be excellent entry points for holding this coin for long term.
The 4hr candle chart suggests that CHZ made multiple attempts to break the resistance at $0.01191 and as soon as it broke that resistance, we saw an impulsive move towards the higher targets. This signifies that this region is going to act as a strong support. So the risk-to-reward ratio longing at this zone if we drop till $0.01191 will be extremely high.
The weekly chart also provides a good consolidation around $0.01191, followed by a breakout. So this is our recommended area of long.
The CHZ/BTC chart also suggests a potential bottom. CHZ was in a consolidation zone and broke out. It is attempting to retest this zone of 65 satoshis. A good area to long would be from 59 satoshis to 65 satoshis. Potential targets for the CHZ/BTC pair would be 78 satoshis, 88 satoshis, 100 satoshis, and 106 satoshis. Breaking 59 satoshis would be bearish for this pair and could result in a drop towards 50 satoshis and 45 satoshis.
Images courtesy of TradingView.
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