The year 2022 was a bearish year for cryptocurrencies. In fact, there have been many other bearish years previously. However, bullish years often follow afterwards, eliminating most losses and bringing prices back to new highs. Chiliz has been on a downtrend in 2022 just like all cryptocurrencies but managed to perform better in the past few 2 months. While other cryptos consolidated, Chiliz managed to increase by more than 170%. Is Chiliz a good investment? Is Chiliz crypto a good buy in 2023? And most importantly, can Chiliz reach 10 $ next year? Let’s analyze.
What is Chiliz Crypto?
Chiliz (CHZ) targets specifically fans of sports and entertainment. Mediarex Group, a global sports and entertainment corporation based in Malta, is the creator of Chiliz. Among Chiliz’s notable clients are the football clubs Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, West Ham, Independiente, and Dota 2 E-sports champions OG. Together, Binance, OK Blockchain Capital, and Ceyuan Ventures gave the project more than $60 million.
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.
Is Chiliz Bullish Today?
The crypto market is currently in consolidation mode after reaching its low. Most cryptocurrencies such as Bitcoin and Ethereum are moving sideways between delimited support and resistance levels. Chiliz however is one of the few cryptocurrencies that managed to escape its consolidation and go into a clear uptrend.
In figure 1 below, we can see how Bitcoin is currently consolidating. BTC prices are even quite bearish and close to the lower consolidation band.
On the other hand, in figure 2 below, we can see how Chiliz prices managed to escape their consolidation and started an uptrend in late-July 2022. This shows a clear win for Chiliz which is currently outperfoming the crypto market.
Chiliz Price Prediction – Can Chiliz reach 10 $ in 2023?
Chiliz Price Prediction for 2022
Since the year 2022 was a bearish one, most crypto investors and traders are hoping for a better year ahead. For Chiliz specifically, the possibilities are endless. Let’s zoom out and see the potential of Chiliz prices from a technical perspective.
Looking at figure 3 below, we can notice a clear downtrend for CHZ price after making more than 5,000% back since the beginning of 2021. This meteoric increase in prices was bound for an adjustment, which took more than a year.
The current price of CHZ is risky, as it risks going back down after reaching the mid-point of the downtrend channel. Because of this, prices are likely to retrace lower. However, if prices manage to hold their uptrend, the first short term target would be the upper trendline which coincides around December 2022 for a price of $0.40.
Chiliz Price Prediction for 2023
The crypto market needs to flip its bearish sentiment and show clear reversals in order for 2023 to be a bullrun. However, based on previous cycles, 2023 is set to be a consolidation year for cryptos. Geopolitics can still affect crypto prices, but for now, the predictions remain conservative.
Can Chiliz reach 10 $ in 2023? The short answer for this is no. It is very unlikely that CHZ makes another 2,000% return from its projected price of $0.40 to reach $10. From a safe perspective, we assume that if 2023 was a positive year for the crypto market, CHZ would reach its previous all-time high price of around $1. This would happen around the end of 2023.
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