Chiliz remains under pressure. Here are the next targets

Chiliz CHZ/USD remains under pressure; the price of this cryptocurrency fell from $0.98 to $0.16 since 12th March 2021, and the current price stands around $0.29.

Fundamental analysis: The popularity of this project is rising across the globe

Chiliz is an exclusive currency option for the Socios.com sports fan engagement platform which is built on the Chiliz blockchain infrastructure. Chiliz provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences.

Chiliz is a project with big potential; the popularity of this project is rising across the globe, and it is important to say that Fan Tokens bought on Socios.com allow users to influence their teams.

The most famous sports teams globally, including FC Barcelona, Manchester City, Juventus, Atlético de Madrid, Paris Saint-Germain, Roma, OG, CAI & UFC, have branded Fan Tokens that can be purchased via Socios.com.

Chiliz has opened up a New York office recently, which will be critical for Chiliz’s global expansion, according to CEO Alexandre Dreyfus. New York is the “headquarters for the sports industry in the U.S, and UFC has become the latest sport to get involved in the world of cryptocurrency via Chiliz blockchain.

“Socios.com and Fan Tokens will empower UFC to connect with its global following like never before. By giving fans around the world the ability to influence their favorite teams and sports, we are transforming what it means to be a fan,” Chiliz and Socios.com CEO Alexandre Dreyfus said in a statement.

Fundamentally looking, there is still a level of uncertainty surrounding this project, and its success mainly depends on the flexibility of its strategy in response to the competitors’ moves. Technically looking, Chilliz extended its correction from the record highs above $0.90, registered on 12th March, and the price of this cryptocurrency can weaken even more in the upcoming days.

The whole cryptocurrency market is pressured by the fall of Bitcoin, and if you decide to trade this cryptocurrency next week, you should use a “stop-loss” order because the risk remains high.

Technical analysis: $0.20 represents a strong support level

The cryptocurrency market is losing its value last several days, and the price of Chiliz can easily back below $0.20 support.

Data source: tradingview.com

The critical support levels are $0.25 and $0.20; $0.40 and $0.50 represent the important resistance levels. If the price falls below $0.20, it would be a firm “sell” signal, and we have the open way to $0.15 or even below.

On the other side, if the price jumps above $0.40, the next price target could be around $0.50.

Summary

Chiliz remains under pressure, and probably it is not the best moment for investing in this cryptocurrency. The daily trading volume has weakened, and if the price falls once again below $0.20, the next price target could be around $0.15 or even below.

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