The Chiliz course is slowly coming into World Cup form

Shortly before the upcoming soccer World Cup in Qatar, the soccer and sports NFT coin Chiliz (CHZ) is showing a relative outperformance compared to many other cryptocurrencies. Although Chiliz itself is not a partner of the major event, since the official digital assets, so-called fan tokens, are offered by FIFA’s official blockchain, Algorand, investors are banking on the hype surrounding the best players in Europe, which are also used in the national teams of their countries of origin fight for the World Cup. The enterprise Socios.com, which stands behind the crypto token Chiliz, had already invested 100 million USD in the financially troubled club FC Barcelona at the beginning of August. However, Chiliz is not only the official partner of the Catalans, but also the official sponsor of other major football clubs such as AC Milan, Paris Saint-Germain, Juventus Turin and Manchester City. Since their top players are also playing for the soccer crown in Qatar, the non-fungible tokens of the players should also increase in value if they successfully participate in the World Cup.

After the CHZ price corrected back into the green support zone in the area of ​​USD 0.145 in the course of the price turbulence surrounding the insolvent crypto exchange FTX in the previous week, the price stabilized in the following days and rose back to the 50 Fibonacci retracement at USD 0.231 on. The sports token is trading above the two moving average lines EMA50 (orange) and EMA200 (blue) in the daily chart. Whether Chiliz can rise towards new annual highs with the start of the World Cup on November 20th will largely depend on the interest of football fans worldwide.

Course potential thanks to the upcoming start of the World Cup

• Bullish price targets: $0.231, $0.274/0.294, $0.315, $0.357, $0.419/0.431, $0.515/0.571, $0.655/0.713, $0.759, $0.947

Chiliz: Bullish price targets for the coming weeks

If Chiliz can assert itself bullishly by the start of the World Cup next Sunday (November 20) and overcome USD 0.231, a subsequent increase in the direction of the multiple resistance area in the turquoise zone between USD 0.274 and USD 0.295 should be planned for. A whole bundle of resists runs here with the 61 Fibonacci retracement, the overarching red downward trend line, the last highs and the super trend. If investors succeed in dynamically breaking through this area, this march through would generate multiple buy signals. The Chiliz price could then immediately attack the Golden Pocket at USD 0.315. If this resistance is also overcome, the bullish trend movement expands directly to the upper edge of the orange zone at USD 0.357. Investors must continue to demonstrate their staying power here.

Bulls still in attack mode

If the CHZ price can also exceed this resist without the bears making any appreciable sliding tackles, a subsequent rise up to the purple zone around the 78 Fibonacci retracement is conceivable. If the CHZ course does not turn south here either and the bulls are still in attack mode, Chiliz could even move towards the yellow zone between USD 0.512 and USD 0.570 within the World Cup group phase. This is where the first investors will want to make a profit.

If the World Cup favorites are in good shape with their top players and the interest of football fans in the NFTs causes prices to rise sharply on the NFT marketplaces, a price rise into the red resist zone by the time of the World Cup final cannot be ruled out. The 365-day high of October 30, 2021 runs at USD 0.655. Whether a price jump to USD 0.759 or even in the direction of the zone around the old highs from March 2021 between USD 0.843 and USD 0.947 is likely to be decisive also depend on the performance of the overall market.

• Bearish price targets: $0.196, $0.180, $0.166/0.144, $0.133, $0.112, $0.097, $0.081, $0.062

Chiliz: Bearish price targets for the coming weeks

As long as the CHZ price does not sustainably break through the massive turquoise resistance area, the price potential is limited despite the World Cup. If Chiliz slides back towards USD 0.196 in the course of a weakening overall market and breaks through the EMA200 at the end of the day, this would be a successful sliding tackle for the seller camp against the bulls team. If the bears then succeed in selling below the 38 Fibonacci retracement at USD 0.180, the green support zone will again come into the focus of investors. The bulls must defend this area in order to still intercept the bearish counterattack. If the hype surrounding the World Cup in Qatar falls flat and Chiliz falls back below USD 0.166 towards USD 0.144 without resistance, this will be a directional decision for the coming trading weeks.

Old annual lows are coming back into focus

Giving up this brand would almost rule out a comeback by Chiliz. A final lifeline comes in the form of the 23 Fibonacci retracement at $0.130. If this support level is also breached dynamically, the bear camp should want to approach the USD 0.112 mark. At least a course bounce to the north would be conceivable here. Whether it is enough for a turnaround is again likely to be influenced by the interest and the quality of the games at the World Cup. A abandonment of this support level immediately activates the area around the annual lows from the summer of 2022 between USD 0.097 and USD 0.081. From the current perspective, this zone is to be regarded as the maximum target area on the underside. Only when the Bitcoin price also drops more sustainably and tends towards USD 10,000 or below can a price slide at Chiliz up to USD 0.062 no longer be ruled out.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.96.