Chiliz gained notable attention amid the 2021 crypto surge, carving a niche with its unique proposition that allows sports aficionados exclusive interactions with their beloved teams. While it currently lags its peak valuation, Chiliz remains a formidable contender as the next bull season looms. A closer examination of the 4-hour chart and potential price projections provides insights.
The 4-hour chart reveals Chiliz experienced a downturn post-news of its agreement with the US Department of Justice on November 21st. Preceding this, Chiliz exhibited an upward trajectory within an ascending channel since October. Initiating its movement from $0.054 to $0.086, CHZ underwent a subsequent decline and recovery, stabilizing at $0.080. The Binance agreement impact led to a dip to $0.072, followed by a recovery phase.
Key support levels for CHZ include $0.07261, $0.06964, and $0.06739. A four-hour bar closure below $0.07297 may signal a potential momentum gain. Crucial resistance levels on the four-hour chart are $0.07444, $0.07670, and $0.08150. A four-hour bar closure above $0.07670 could signify Chiliz's move towards the $0.08 range. As per CoinMarketCap data, CHZ reached its all-time high in March 2021, hitting $0.8915. Currently at $0.074, it stands 91.75% below its peak.
Chiliz, with its sports-centric focus, has the potential to surpass prior peak levels in an impending bull season. Its strategic partnerships with leading sports clubs, particularly through Fan Tokens, could lead to prices exceeding $1. This sets the stage for a substantial increase, potentially reaching a 10x or higher valuation in the upcoming bull season.
