The CHZ crypto asset is displaying signs of weakness as it experiences a decline from the major trendline, indicating a potential bearish movement. Additionally, the RSI has taken a sharp U-turn, suggesting further downside for the CHZ asset.
Chiliz, the company behind the CHZ cryptocurrency, aims to bridge the gap between active and passive sports and entertainment fans. Through its platform, Socios, users can manage their favorite sports brands and participate in fan token offerings (FTOs). These tokens are limited in supply and offered on a first-come-first-serve basis, with prices and market cap disclosed beforehand.
CHZ is available on various blockchains, including Ethereum, Binance Smart Chain, and Tron. The tokens are minted on the Socios sidechain with a proprietary crowd control mechanism, ensuring secure fan participation in audited polls. The sidechain operates on a proof-of-authority consensus mechanism, known for its scalability and security, making it an ideal choice for Socios.
In terms of price movement, the CHZ crypto saw a notable increase from October 2023 to January 2024, but it has since faced a decline from a critical level and is expected to continue on a bearish trajectory. Currently trading at $0.0919 with an intraday loss of 1.39%, the CHZ crypto may face further downside if it fails to sustain the $0.0800 level. On the other hand, if the price remains at the current level, it could retest the supply level at $0.1050.
In summary, the CHZ crypto is showing signs of potential downside, with support levels at $0.0800 and resistance levels at $0.1050.
Disclaimer: The views expressed in this article are for informational purposes only and do not constitute investment or financial advice. Investing in cryptocurrency assets carries a risk of financial loss.
Author: Steefan George
Steefan George is a crypto and blockchain enthusiast with expertise in market analysis and technology. With a background in computer science and BFSI, he is a technology writer at The Coin Republic, dedicated to educating the masses about the potential of this revolutionary technology.
