18 Nov 2021 | ZebPay Trade-Desk
Chiliz (CHZ) is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement & rewards platform Socios.com. As the exclusive on-platform currency, fans use CHZ to purchase these branded Fan Tokens, which give users influential decision-making power by allowing them to vote on polls our partners publish within the Socios app. Chiliz fan tokens continue to generate significant trading volumes. To date, Chiliz fan token volume has exceeded $40 billion, most of which has come in the past year alone.
Chiliz post consolidating between $0.35 to $0.28, gave a breakout on 30th October and skyrocketed upto $0.65. However, the asset was not able to sustain at higher levels and witnessed profit booking from its recent high. Technically on the daily time frame, CHZ is making a ‘Pennant Pattern’ (Continuous Pattern), where there is a large movement in an asset, known as the flagpole, followed by a consolidation period with converging trend lines. Once the breakout occurs above the pattern with good volumes then we can expect another rally whereas a break below the pattern may lead to further downfall.
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