The Chiliz price is up by over 85 per cent since the months started. It also closed the month of July with a price gain of 25 per cent.
However, despite the month being on a strong push to the upside, today’s trading session has seen the prices plunging by 5 per cent. The plunge also follows yesterday’s aggressive push to the downside, which saw Chiliz’s price dropping by 3 per cent. Part of the drop has come amidst news that the platform will be migrating from the Ethereum blockchain and instead launch its own fungible and nonfungible tokens of their own.
According to the Chiliz founder Alexandre Dreyfus, the platform does not want to rely on ERC20 or ERC721 forever. Instead, they see an opportunity where they can bring some innovation on top of fungible token formats. He also expressed confidence that migration from Ethereum was poised to be received positively in the industry, arguing that they currently serve more than 100 of the biggest brands in the world. Therefore, the deployment of a new system that can scale would be met with enthusiasm.
However, such huge moves are mostly met with resistance from the status quo in the markets before catching up. That is what we have seen for the past few trading sessions, where Chiliz’s trading volume has taken a small hit. However, upon launching or nearing of the launch into the new platform, there is a high likelihood we may see Chiliz rallying again.
Chiliz Price Prediction
After setting a price high of $0.26 this week, the prices have plunged by 13 per cent to trade at the current levels of $0.22 price level. Looking at the chart below, the drop seems to have momentum. Therefore, for the next few trading sessions, I expect the prices to continue dropping.
There is a high likelihood that the prices may fall below the $0.20 price level in the next few trading sessions. The likelihood of prices hitting the $0.196 support level is also high.
However, should the prices retreat and trade above the $0.242 resistance level, my bearish trend analysis will be invalidated.