Chiliz price continued its bullish trend as the prices of most fan tokens surged. The CHZ price rose to a high of $0.18, which was close to this month’s high of $0.1911. It has risen by more than 128% from the lowest level this year, giving it a market cap of over $956 million.
Fan tokens surge
Chiliz is a leading blockchain project that is in the sports and entertainment niche. The platform helps teams build and launch their fan tokens. A fan token is a cryptocurrency that lets teams deepen their engagements with their fans. Teams can also use these fan tokens to monetize their solutions.
Chiliz owns Socios, a sports fan engagement platform that lets people trade and exchange these fan tokens. The network was created using the Chiliz blockchain.
The fan token industry has made a lot of strides in the past few months. There are now 67 fan tokens that have a combined market cap of over $350 million. Some of the biggest fan tokens in the industry are Paris Saint-Germain, Barcelona, FC Porto, and Manchester City.
Chiliz has made several deals and partners in the past few months. For example, recently, it took a $100 million stake in Barcelona’s Barca Studios. As a result, the club will use Barcelona’s blockchain to build its NFT and metaverse products.
The Chiliz price is rising on Monday as some of the top fan tokens in its ecosystem do well. For example, SANTOS crypto price has jumped by 23% in the past 24 hours. Similarly, PORTO and ALPINE coins jumped by more than 10%. Still, many others like Barcelona, Atletico Madrid, and Juventus have all declined sharply.
Chiliz price prediction
The four-hour chart shows that the CHZ price has been in a strong bullish trend in the past few weeks. In this period, it has moved above the 25-day and 50-day moving averages. It also rose above the important resistance level at $0.1639, which was the highest level on August 1st. The Relative Strength Index (RSI) has moved to the overbought level.
Therefore, Chiliz price will likely continue rising as bulls target the next key resistance level at $0.20. A move below the support at $0.16 will invalidate the bullish view.