Chiliz (CHZ) Price Outlook: On-Chain Data Suggests Tough Times Ahead

Chiliz (CHZ) price crashed 8% on April 20 despite a series of token burns across the Socios fan token ecosystem. Bearish concerns are growing as Chiliz holders pile on sell-pressure on exchanges.

Timeline of Chiliz

Chiliz is looking to spice things up in the Champions League and it plans to do that through fan token burns. A move that may revive interest in fan tokens and reveal more about how Chiliz and socios plan to shape the future.

Chiliz Price Prediction: In the last four months the CHZ price bounced back twice from the $0.1 psychological support indicating the buyers are actively accumulating at this support. Moreover, in the daily time frame chart these two reversals showcase the formation of a bullish reversal pattern called the double bottom.

Chiliz, the sports-themed cryptocurrency, has been making great strides following news related to the broader Chiliz ecosystem. Chiliz's official Twitter account revealed that the ecosystem will launch a new blockchain that is expected to drive the demand for the ecosystem's native token.

The Chiliz [CHZ] network has achieved an important milestone as part of its global expansion journey. The network announced on 30 March that it was now licensed to operate as a virtual asset services provider in Spain.

The dawn of the alt season in the bygone year had pumped the majority of Ethereum-based tokens. Chiliz was one of the innovative projects, which was occupied with impeccable pricing action throughout the year. Chiliz has a promising market cap.

According to Alexandre Dreyfus, the founder of Chiliz [CHZ], wallets on the project's first version surpassed two million. Dreyfus, who tweeted about the development, noted that the blockchain-based sports network would use the inspiration as a drive to improve the Chiliz Chain 2.0 (CC2) ecosystem.

Every once in a while, Chiliz [CHZ] secures a partnership in the sports industry thanks to its unique focus on bringing blockchain tech into sports. The network just announced a new collaboration that may involve Non-fungible Token [NFT] technology and privileged access to the pledge video and digital collectables.

Chiliz recently joined the list of crypto projects that have released statements regarding the state of exposure to recent market woes. An attempt at boosting investor confidence in a month that has so far seen an influx of FUD.

There are multiple factors that determine the price of a cryptocurrency, including demand and supply. An increase in the circulating supply without a demand shift may push down the price.

On 8 February, Chiliz [CHZ] announced that its recently launched chain 2.0 had produced its first block. According to the tweet shared by its CEO Alexandre Dreyfus, the event occurred at exactly 8:08 am UTC.