Chiliz is up by 5 percent in today’s trading session. The surge in price extends a long-term bullish trend that has persisted for the past nine weeks. By tapping one of the most popular industries, the sports industry, Chiliz has grabbed the attention of many investors, sports teams,s, and sports enthusiasts. Today, it has managed to grow its user base to one of the largest in the cryptocurrency industry.
The growth has been reflected in Chiliz’s price going up. Although part of the reason for the rise has been due to the current rise of the cryptocurrency industry, the past two months’ performance has been better than most cryptocurrencies. For instance, in July, Chiliz closed the markets up 24 percent. This month, the crypto has exploded and is already up by 81 percent. The surge also does not look to be slowing down, which can mean one thing, the current boom has been majorly due to Chiliz’s traction with users.
Today, Chiliz has also grown to be one of the largest cryptocurrencies in the world. It is ranked as the 46th largest, with a market capitalization of $1.3 billion. Chiliz’s daily trading volume also averages over half a billion, with the past 24 hours recording an impressive $630 million in volume traded.
Chiliz Price Prediction
Today’s surge of 5 percent shows Chiliz is still in an aggressive bullish trend. Also, with August’s prices rising by over 80 percent, today’s surge is not surprising. The session also looks aggressive enough, and there is a high likelihood that we may see prices rising further.
For the next few trading sessions, there is a high likelihood that we may see prices trading above the $0.25 price level after breaking a long-term resistance level of $0.24. Based on recent price action, we will also likely see Chiliz trade above the $0.3 psychological level before the end of the month. Prices falling below the $0.19 price level will invalidate my bullish analysis.