Chiliz sees double-digit gains as football fans await FIFA World Cup 2022

Chiliz (CHZ) has witnessed double-digit gains on both daily and weekly charts in the ongoing football frenzy.
Sports and fan tokens are leading a new wave of reversals in the crypto market despite a general market decline.
Analysts identify $0.26 level as the next big resistance for Chiliz price, once CHZ breaks out past this, a run up to $0.38 is likely.

Ekta Mourya FXStreet

Chiliz price is gaining bullish momentum as the FIFA Football World Cup 2022 draws close. CHZ has yielded double-digit gains for holders over the past week, alongside other altcoins and meme coins. The FIFA Football World Cup 2022 starts on November 20, until then anticipation among fans is sending fan tokens and Chiliz price higher.

Also read: MATIC Price: Will the sale of Polygon NFTs on Meta’s Instagram trigger a rally?

Chiliz price rallies as FIFA World Cup 2022 draws close

As football fans gear up for FIFA World Cup 2022 the popularity of fan tokens rises. Chiliz has yielded 19.7% gains for traders over the past week. Football fans worldwide are lining up to trade in fan tokens of various football clubs like Argentine Football Association Fan Token (ARG), Levante UD Fan Token (LEV) and Portugal National Team Fan Token (POR).

Chiliz price has climbed 41% in the last two weeks and nearly 20% in the past week. FIFA World Cup 2022 is scheduled to begin on November 20. The sponsors of the FIFA World Cup are Visa and Crypto.com. The two entities have partnered to offer digital art NFTs as part of the Visa Masters of Movement, an interactive LED soccer pitch experience for fans in Qatar.

The football event draws fans from around the world and its immersion in digital arts and cryptocurrencies has resulted in bullish sentiment among fan club token holders. The top five football club tokens are the following:

Argentine Football Association Fan Token (ARG), Levante U.D. Fan Token (LEV), Portugal National Team Fan Token (POR), Atlas FC Fan Token (ATLAS) and Davis Cup Fan Token (DAVIS). Each of these five tokens have offered upwards of 20% gains to holders over the past week.

Analysts believe Chiliz could lead a crypto rally, eye $0.38 target

Ustatrader, crypto analyst and trader evaluated the Chiliz (CHZ) price trend and noted that the $0.26 level presents serious resistance from a major trend line. If successful in crossing this key resistance level, CHZ price will next eye the $0.38 level target in its uptrend.

CHZUSDT price chart

A decline below resistance at $0.26 could invalidate the bullish thesis and CHZ price could nosedive to the $0.19 level.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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