On Saturday, the CHZ token surged to $0.064, its most significant since August 23. It has increased by more than 16% since September, when it was at its lowest point.
Chiliz is a prominent layer-1 network with a concentration on sports and entertainment. The company’s network enables teams and other industry participants to increase their engagements by launching supporter tokens.
Not only is its layer-1 network quicker, but it is also cost-effective for end users.
Additionally, Chiliz owns Socios, a platform where users can purchase and sell fan tokens for some of the world’s top teams, including Manchester United, Arsenal, Juventus, and AC Milan.
After the developers announced a new multi-year partnership with Tottenham Hotspur, one of the most prominent teams in the English Premier League (EPL), the price of Chiliz skyrocketed.
The team will launch its token utilizing Chiliz technology as part of the partnership. Holders will receive rewards, club membership, and other advantages. The Commercial Sales Director stated in a note:
“Our Fan Token will build on the many benefits of our existing membership scheme. We’ll be offering all our Members and Season Ticket Holders free Fan Tokens at launch and are working with Socios.com to deliver a range of rewards that carry appeal to both domestic and international fans.”
The addition of Tottenham Hotspur is a significant development due to the club’s prominence in the soccer world.
However, its impact on Chiliz will be somewhat limited due to other major teams, such as Barcelona, Manchester City, Alpine, and Paris Saint-Germain, on the network.
The 4H chart demonstrates that the CHZ cryptocurrency price has recently been bullish. Along the way, the token surpassed the critical resistance level at $0.060, the highest price on September 16 and 22.
Chiliz has moved above the 25-period and 50-period moving averages, and the Relative Strength Index (RSI) has surged above the overbought threshold. The same applies to the commodity channel index (CCI) and the stochastic oscillator (SO).
As a result, I anticipate that the Chiliz price will fall to the critical support level of $0.060 as investors begin to book profits.