Chiliz Price Prediction as CHZ Recovery Hits a Strong Wall
Chiliz price went parabolic this week after the latest partnership with Barcelona. CHZ jumped to a high of $0.1637, which was the highest point since May this year. At its peak, the coin was up by more than 100% from its lowest level this year. Its market cap has moved to about $768 million.
Chiliz and Barcelona partnership
Chiliz is a leading blockchain platform that is mostly involved in the fan token offering (FTO) industry. It helps teams and clubs launch their fan tokens. Today, about 67 fan tokens have a total market cap of over $304 million. Fan token prices have jumped sharply in the past few days, with Paris Saint-Germain, Barcelona, FC Porto, and Juventus have risen by more than 30% in the past seven days.
Chiliz price also rose after Socios.com announced a large deal with Barcelona. The company will invest about $100 million to acquire Barca Studios. This is a large company that manages the company’s audiovisual production. As a result, Barcelona will be able to build more products using Chiliz technology, including non-fungible tokens.
The investment was notable since Barcelona has been struggling with over $1.34 billion in debt. The club secured a $611 million loan from Goldman Sachs and reached a sponsorship deal with Spotify.
Chiliz price prediction
The daily chart shows that the CHZ price has been under pressure in the past few months. As a result, its price has dropped by more than 80% from its highest level on record. However, it staged a recovery in July in line with other coins and then went parabolic after the partnership with Barcelona.
The coin has moved above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has moved above the overbought level. As it rose, it tested the key resistance point at $0.1665, the lowest level in January.
Therefore, the coin will likely continue falling as sellers target the next key support at $0.1200. It will drop as the latest Chiliz, and Barcelona announcement fades. A move above the resistance level at $0.166 will signal that there are more buyers.