As a result of the conclusion of the FIFA World Cup, the value of football tokens has recently dropped by a total of 50 percent.
Traders are speculating that there is no longer any use for the football tokens as lot of people have started dumping their tokens. This is because a lot of people have started selling their tokens.
To determine whether or not these tokens represent a sound financial investment, we are going to examine both the tokens themselves and the other functions that they offer.
What exactly is Chiliz?
Chiliz is a cryptocurrency that can be used to pay for blockchain-backed goods and services that are marketed toward the general public. We want to improve experiences that people have regularly, such as fan engagement in entertainment and alternative payment solutions for traditional products, among other things.
Chiliz is a blockchain-based platform that provides sports and entertainment organizations with tools to help them better engage and monetize their audiences.
$CHZ Token
The Socios.com fan engagement platform was developed from the ground up on the Chiliz blockchain infrastructure, and $CHZ serves as the sole form of currency that can be used on the platform.
Fans have the opportunity to purchase branded Fan Tokens from a variety of sports organizations, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI, and UFC, through the website Socios.com. These organizations include some of the largest and most well-known in the world.
Users who purchase Fan Tokens on Socios.com are granted the ability to exert influence over their teams through the use of popular vote and become eligible for engagement-based team rewards and recognition. The Chiliz blockchain is used to create all Fan Tokens, and all on-platform voting is carried out as a series of smart contracts that are executed on the Chiliz blockchain.
The final match of the 2022 FIFA World Cup was played on December 18. Although the Chiliz blockchain and the Socios platform are both homes to a variety of fan tokens and it was anticipated that these locations would experience growth throughout this period, the price of CHZ dropped by more than fifty percent during the World Cup.
The price of chiliz has fallen below a crucial support level.
Since June 18th, the date marking the most recent time that the price of Chiliz increased alongside an ascending support line. The upward movement culminated on November 7 at a peak value of $0.297. Despite this, the price of CHZ continued its precipitous decline after the event and breached the support line on December 8.
Another downward movement was triggered as a result of the breakdown, which led to Chiliz falling below the horizontal support area at $0.133. In the event that there is a bounce, the region will almost certainly provide resistance.
The technical indicators do not show any signs of being bullish. The daily RSI is currently below 50 and has not shown any signs of bullish divergence, despite the fact that it is decreasing.
As a consequence of this, the Chiliz price forecast that the most likely outcome is a decline toward the $0.088 horizontal support area.
This support area is established by the yearly lows.
On the other hand, this bearish outlook would be invalidated if the $0.133 horizontal area could be reclaimed.
Price analysis of Chillz
Chiliz was negatively impacted by the general crypto market correction that was led by the FTX exchange collapse debacle, and as a result, critical support levels have been lost.
In the meantime, CHZ is working toward regaining the $0.20 level, which is a significant support position in the market. To achieve new highs, the token will need increased buying pressure if it continues to fall and falls below $0.15. However, this is unlikely to happen.
In addition, the CHZ technical analysis continues to be bearish, with a summary recommending an ‘a sell’ at 14 and moving averages gauging for a ‘strong sell’ at 13 on the daily gauges.
This indicates that the market is likely to decline. Elsewhere, the CHZ oscillators are in the “neutral” position when they are set to eight. A Temporary Improvement Is Expected Before the Next Decrease.
In spite of the fact that the daily time frame is forecasting further losses, the short-term four-hour chart indicates that there is potential for a rebound. A sizeable amount of bullish divergence (indicated by the green line) has been produced by the four-hour RSI, which suggests that an upward movement may be triggered within the next twenty-four hours.
In the event that one takes place, it has the potential to drive the price of Chiliz to a short-term descending resistance line at $0.12. As a result, there will be a significant amount of resistance between $0.120 and $0.133, which will be created by the resistance line and the $0.133 horizontal resistance area that was outlined earlier.
In conclusion, it is possible that there will be a rally in the short term, but the most likely price forecast for CHZ indicates that there will eventually be a drop toward $0.088. This bearish projection would be rendered meaningless if the short-term descending resistance line were to be broken, and if the $0.133 region were successfully reclaimed.
What exactly is an Algorand?
The Algorand (ALGO) blockchain protocol is a layer 1 proof of stake cryptocurrency that trades under the ticker symbol ALGO. Silvio Micali, a former professor at the Massachusetts Institute of Technology (MIT) and winner of the Turing award, established the Algorand Foundation in 2017.
It is currently trading at $0.8 and had a market cap of $5 Billion at the time that this article was written.
Despite the fact that this market cap is relatively low in comparison to the major blockchain projects, it is still sufficiently large to be considered a relatively well-established project.
In its marketing, Algorand positions itself as a cutting-edge blockchain technology that delivers on the fundamental promise of decentralized finance while putting increased emphasis on functionality, ecosystem, and scaling.
Algorand is proud of its sustainability and low energy requirements, as well as its ever-expanding ecosystem, which it attributes to the fact that it is a blockchain that relies solely on proof of stake.
The fact that the project enjoys significant financial backing from Investors and Venture Capitalists as a result of the achievements and clout of its founder is an encouraging sign of the longevity of the project.
Price analysis
However, the price of Algorand (ALGO) has not shown any bullish signs of recovery or any bullish impulse to claim higher regions, despite the fact that it has also been on a crucial dip after the FTX saga.
The major support that Algorand had on the daily timeframe has disappeared, which is the reason for this dip in price.
The previous support was building upon a chart pattern that looked like a descending triangle.
The fact that Algorand’s daily trading volume has not increased in recent times despite the fact that the market capitalization has decreased by an additional 7.5% in the past 48 hours raises the possibility that things will get even worse for the company.
The price of the popular football token appears to be trending in the direction of an all-time low, and traders are starting to speculate about whether or not this marks the end of the token (ATL).
In addition to this, it is of the utmost importance that the developers and investors work together to design a more workable utility in order to entice a greater number of investors to accumulate and HODL the asset for later use.
Conclusion
In order for Algorand to realize its full potential, it is necessary for the company to increase its visibility in the market.
The potential for Algorand to become a successful project is there. On the other hand, it does not enjoy the recognition of the community.
In addition, the company’s founders and developers have to make good on the promises they’ve made and the potential they’ve demonstrated in order for them to receive this recognition.
It is possible that Algorand will be able to experience significant expansion if they are able to keep their transaction speeds at the same level and the ecosystem continues to deliver all of the necessary utilities.
