Why is Chiliz (CHZ) crypto grabbing eyeballs?

Highlights

• The Malta-based CHZ platform is primarily the world’s leading blockchain fintech provider for sports & entertainment.
• The CHZ crypto on 16 August was rallying by 13.70% at 10:40 AM (GMT +1), according to CoinMarketCap.
• The 47th-ranked Chiliz crypto on Tuesday was trading at US $0.206744 with a trading volume of US$68,61,15,761, according to CoinMarketCap.

As the crypto market continues to struggle amid a bearish market situation, few cryptos are grabbing market attention with an impressive rally. One such crypto which has managed to have managed to grab the market's attention during a bearish phase is the Chiliz (CHZ) crypto. 

The Malta-based CHZ platform is primarily the world’s leading blockchain fintech provider for sports & entertainment. Developed by Socios.com, CHZ crypto powers blockchain technology to increase engagement between fans and their favourite sports teams. Fans can buy Fan Tokens of their favourite teams using the CHZ token and customize them for a real-world experience.  

The CHZ crypto on 16 August was rallying by 13.70% at 10:40 AM (GMT +1), according to CoinMarketCap. Besides, the token was also witnessing a decent volume gain of 70.78% at the time of writing. 

Why is CHZ crypto rallying? 

Chiliz crypto is witnessing a rally on Tuesday due to a variety of factors. Keeping aside its bullish run of late for the past 30 days or so, CHZ crypto has been making noise on the partnerships front. 

Leading football giant FC Barcelona last week announced a multimillion-euro partnership with Socios.com. It is expected that following the announcement, Chiliz too on its front will be investing 100 million euros to acquire nearly a quarter of Barca Studios. 

Besides, on 16 August, leading exchange ByBit announced its Fan Token Kickoff which will be powered by the CHZ cryptos. The Fan Token Kickoff seems to be a contest which will run from 19 August to 2 September, wherein the users will stand a chance to win approximately 200,000 USDT as a prize. 

The news seems to have lifted the mood of the Chiliz investors with the RSI of the token bouncing to 79.63, indicating it was in an overbought position during the intra-day trading session.  

Image credit: Trading View

The MACD too showed strong momentum with the rally getting stronger as the signal line continued to tread below the MACD line on Tuesday. 

Chiliz token’s performance today has also been helped by the fact over the past 30 days or so, it has been in the bullish phase, registering gains of over 88.6%. Even over the past week or so, Chiliz has gained over 36%. 

How is CHZ crypto faring? 

The 47th-ranked Chiliz crypto on Tuesday was trading at US $0.206744 with a trading volume of US $68,61,15,761, according to CoinMarketCap. Chiliz crypto boasted of a live market cap of US$1,24,05,41,340 with 6,00,03,87,493 CHZ coins in circulation.

While the rally might be impressive it’s important to keep note, that after such a rally, the market often goes back to the market correction phase. Therefore, one must study the trends and do their respective market research before making big investment decisions.

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