Chiliz price recoiled on Monday as the price of some key fan tokens decreased sharply. The CHZ token was trading at $0.1297, where it has been in the past few days. This price is around 37% above the lowest level this year and ~26% above March’s low.
Fan token prices decline
Chiliz is a cutting-edge platform in the blockchain space. It is a distinctive platform in the entertainment and sports industry. Its primary platform is known as Socios, which allows people to trade fan tokens of some of the largest teams around the world.
Chiliz also provides a smart contract platform that makes it possible for teams to generate fan tokens.At the moment, data from Fan Market Cap reveals that there are 82 fan tokens that have a combined market cap of more than $382 million.
Normally, Chiliz tends to do well when fan tokens are rising. In the past few days, some fan tokens have done well, with OG’s token rising by over 257%. Other top fan tokens like Manchester City and Alpine have increased by 16% and 51%, respectively in the past 7 days.
However, most of these tokens are some of the worst performers in the past 24 hours. OG price has dropped by 20% in the past 24 hours while Alpine, Arsenal, Inter Milan, and Atletico Madrid have declined by double-digits in the same period.
Another factor contributing to the CHZ price decline is the overall volume has decreased in the past few days. The token’s volume jumped to a high of 319.85 million on April 8, the highest level since February 22. This volume has dropped to ~83 million on Monday.
Chiliz price forecast
Therefore, is it worth it purchase Chiliz? The daily chart shows that the CHZ price has been in a tight range in the past few days. This price is consolidating at the 50-day and 25-day moving averages. It has moved above the ascending trendline that connects the lowest level since June last year. The Relative Strength Index (RSI) has moved below the key level at 60.
Therefore, the token will likely remain in this range for a while and then retest the ascending trendline at $0.10. A move above the key resistance at $0.1432 will invalidate the bearish view.
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