How Are The Markets?
The cryptocurrency market has been through a tough period for the past week. The experience of the FTX crisis caused many crypto assets to experience intense depreciation. When we look at the last 24-hour data, we see that Bitcoin is trying to make up for the losses by increasing over 4% and Ethereum by over 7%. The most rising crypto asset was Chiliz with more than 25% increase. Chiliz, a service token, can be used to purchase fan tokens. Considering that there are 9 days left until the World Cup starts, I think we are all thinking the same question. Will the world cup have an impact on Chiliz and fan tokens?
The answer is yes of course. The Chiliz ecosystem has been priced positively for some time in anticipation of the upcoming Fifa World Cup. Chiliz, which saw its highest level in 7 months on November 7, rose to 29 cents. After the FTX crisis, which deeply shook the price of almost all crypto assets, losses were also experienced in Chiliz, and chiliz declined to the level of 18 cents.
Chiliz Chain 2.0
On November 9, a statement by Chiliz announced that the CHZ token will merge with other fan tokens into a single blockchain. Although the fan tokens developed by Chiliz are developed on the Chiliz Chain compatible with the Ethereum virtual machine, the Chiliz token uses the ethereum blockchain.
With this announcement dated November 9, the Chiliz team will continue to work with the Ethereum virtual machine of Chiliz Chain 2.0, the new version of Chiliz Chain. However, thanks to this new version, it is aimed to increase the processing capacity per second and to reduce the transaction fee. Chiliz Chain 2.0, which is still in the testing phase, will go through a total of 6 different development stages until the mainnet launch. When this announcement was made, an increase in price was expected, but this increase did not occur due to the meltdown of the crypto market.
World Cup and Fan Tokens
The world cup, which will take place in Qatar between November 20 and December 18, is eagerly awaited by fan token holders. Recently, fan tokens of Argentina and Portugal national teams have brought tremendous returns to their investors. Considering that both teams will take part in the world cup, it seems that fan tokens will continue to be priced with the excitement of the world cup. Now, when we look at the last 24 hours’ data, we see that the fan token of the Argentina national team has increased by more than 18%, and the Portuguese national team’s fan token has increased in value by 16%. Considering this data, we can see increases and decreases in fan tokens depending on the match performances of national teams with the start of the world cup in the coming days. If we consider this issue in particular, Chiliz Chain 2.0, whose Testnet has been launched, is expected to be completed in the last quarter of 2022. This development and the world cup event may allow us to see better levels in Chiliz price in the coming days.
CHZ Price Analysis
Our first resistance level to follow for Chiliz, which is currently priced just above the 22 cent level, is at the 23 cent point. If Chiliz continues to rise, another resistance point it will face is at 27 cents. The points to be followed in a possible decline scenario are at the levels of 20 cents and 17 cents.
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