Chiliz: The Impact of the Bear Market and Future Predictions - COINTURK NEWS
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Chiliz: The Impact of the Bear Market and Future Predictions

8:46 pm (67 days ago)
September 27, 2023

Chiliz, which has created the best ecosystem in the fan token field, has been affected by the extreme selling environment of the bear market. The price has significantly eroded. After the World Cup, the CHZ price entered a period of steady decline. Although there have been occasional temporary increases in line with the general market sentiment, the popular altcoin has not been able to differentiate itself positively in the process. So, what will happen next?

Chiliz and the Current Situation

Chiliz Chain has hosted 4 million transactions since its launch. The team, aiming to create its own blockchain world for fan tokens, took a big step with the mainnet. Approximately $12,000 in profit has been generated from the transactions conducted so far. Considering that the fee per transaction is $0.003, we can understand why the figure is so low.

Although the figure shared by Playmaker seems reasonable according to the average fee, Alexandre Dreyfus just stated that the total fee revenue is $60,000. It is expected that the fees will be revised when CC2 is 100% ready.

On the other hand, although fan tokens, especially CHZ Coin, have not performed well, the number of teams’ crypto deals continues to increase. So, what else happened? The CHZ team partnered with a new market maker, and Wintermute started holding 72 million CHZ. CHZ became the 13th largest cryptocurrency in the market maker’s portfolio.

CHZ Coin Price Predictions

Where is the price heading? At the time of writing, CHZ Coin was finding buyers at $0.0574. The critical support level of $0.057 is being maintained. The bears, who broke the price down from its long-term narrow range, could not prevent it from regaining support on September 14.

If the king of fan tokens can reclaim the $0.06 region, it can target the $0.065 and $0.071 levels again. The ultimate target will be the resistance level of the parallel channel, which is $0.084. However, in the opposite scenario, a drop to $0.047 and $0.031 is possible. These levels were last seen in February 2021.

During the bull season, CHZ Coin, which recovered strongly from $0.03 prices, had risen to $0.93 on Binance exchange.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk associated with cryptocurrencies and should conduct their own research before making transactions.

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