Chiliz was one of those crypto projects that lost around 75% since the start of the bear market in November 2021. Despite being a good project, prices took a dip as prices were heavily inflated. Today, prices are looking promising thanks to many factors. Will Chiliz price increase? In this article, we’re going to take a look at the Chiliz crypto project, and see how a +50% increase might happen soon.
What is Chiliz Crypto (CHZ)?
Chiliz (CHZ) is a cryptocurrency designed exclusively for sports and entertainment aficionados. Chiliz is a project of Mediarex Group, a multinational sports, and entertainment company located in Malta. Football teams Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, West Ham, Independiente, and Dota 2 E-sports champions OG are among Chiliz’s significant clients. Binance, OK Blockchain Capital, and Ceyuan Ventures together contributed over $60 million to the initiative.
Socios.com, powered by Chiliz, is the world’s first scalable, tokenized voting platform. It enables sports fans to purchase and exercise voting rights for their favorite teams. Chiliz has announced the opening of Chiliz.net, its own cryptocurrency exchange for Chiliz (CHZ) and other crypto-assets.
Why is Chiliz crypto bullish?
Recently, Chiliz announced a new development in the Chiliz protocol. “Jalapeno” is the new update, which includes a DEX called PepperSwap, where users can swap tokens and fill out test surveys as part of a governance protocol.
Chiliz also announced a Head2Head burn competition. It is basically a burn mechanism that alters the tokenomics over time by helping to lower the circulating number of a token. This results in a price increase if demand remains constant. Additionally, it allows users to examine how a team’s success is mirrored in its token supply, with higher-performing teams having more tokens burnt. Because of the lower circulating supply, the Head2Head burn process might possibly raise the value of select teams.
Chiliz Price Prediction – Will Chiliz Price increase?
The crypto market is currently in consolidation mode after a heavy crash. However, from one side, we have positive fundamental news related to blockchain development. On another side, the technical formation of Chiliz shows a recovery in the coming days. Prices reached the strong support area delimited by $0.10 and $0.12. As a first target, we anticipate that prices would recover alongside the crypto market and reach the first target of $0.18, making 50%.
It is also important to always place a stop-loss when trading. A good SL for this specific trade would be right under the $0.10 price, depending on your risk tolerance and risk management.
We expect an adjustment lower once prices hit the $0.20 price mark. That’s why it would be a good idea to take the profits and await prices to dip. Afterwards, we can reassess and reevaluate our positions.
