Chiliz price ready for breakout following 50% rise ahead of FIFA World Cup
- Chiliz price can be seen closing in on the resistance level that marks the previous local top.
- Day-on-day investor presence has increased in anticipation of the FIFA World Cup.
- Fan tokens of different countries are soon to be listed on the BitMart exchange.
Chiliz price has soared in the last two weeks and will most likely continue to do so. This is because the Socios platform which Chiliz powers to create fan tokens is currently occupied with the FIFA World Cup Qatar 2022. As the football event gets closer, this bullishness is expected to reflect on the altcoin’s price.
Chiliz price eyes local top
Chiliz price since October 21 has risen by more than 48.6%, trading at $0.24 as investors have leaned in on the asset. The hype surrounding the football world cup is enabling the consistent price rise, which is how CHZ has climbed to test its critical resistance level. The altcoin is right beneath the 78.6% Fib level of the Fibonacci Retracement of $0.30 to $0.08 decline.
Flipping this line into support will ensure a further rise for CHZ since crossing the next resistance will enable the cryptocurrency to establish a new local top. The target for the same lies above $0.31, where investors must fight the urge to liquidate and gain profits. This is because a further rise is in the books.
The MACD indicator is still maintaining a bullish sentiment which highlights that there is still some time before price swings. The indicator line (blue) and signal line (red) getting closer would be the first sign of a potential decline.
Should that happen, a fall to $0.21 can be expected since the 61.8% Fib level, which the price coincides with, stands as the next critical support.
But the chances of a drop seem rather unlikely since the bullishness is just gearing up.
Fan tokens on exchanges
FIFA World Cup fan tokens which are the primary reason behind Chiliz price incline, are being listed on exchanges. The fan tokens of the Italian football team, the Argentine team and the Portugal team are going to be listed on the BitMart exchange on November 11.
#BitMart will list Argentine Football Association Fan Token ($ARG) on 11/04/22. The following trading pair will be available: $ARG/USDT.
— BitMart.Exchange (@BitMartExchange) November 4, 2022
Deposit feature: 11/04/2022 2:00 PM (UTC)
Trade feature: 11/04/2022 3:00 PM (UTC)
Details: https://t.co/hsPe2ac4wB pic.twitter.com/2llSLQWWLs
With just two weeks to go for the first match of the FIFA World Cup, these developments will continue appearing, pushing Chiliz price up further.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
