Chiliz (CHZ) Shows Bullish Signs Amid Latest Sports Partnership
• Chiliz (CHZ) recently announced a new partnership with Common Goal to support fund-raising efforts.
• CHZ may have bullish potential due to its focus on bringing blockchain technology into sports.
• However, CHZ’s short-term performance is not reflective of the long-term sentiment as there are some bearish indicators such as decreasing volatility.
Chiliz’s New Partnership
Chiliz just announced its collaboration with the Common Goal organization to raise funds for a cause dubbed the „One Shirt Pledge.“ As part of the collaboration, Chiliz will provide the technological infrastructure that will support the fundraising cause. The pledged t-shirts sold will have Non-fungible Token (NFT) chips embedded in them which can be scanned to access pledge video and digital collectables.
The partnership highlights Chiliz’s potential as a network that can be tapped into for special access and leverage opportunities in the sports industry. This could lead to increased demand and upside for CHZ in the long term.
Short Term Performance
However, CHZ’s short term performance may not necessarily reflect this long term sentiment as it retested its sub $0.1 price level earlier this month due to bearish momentum since February. Moreover, some metrics such as network growth and volatility are currently low, further suggesting downward pressure on prices in the short term.
Despite these bearish indicators, there are also positive observations for CHZ such as an increase in supply held by top non exchange addresses and a rise in active deposits over time. These metrics suggest that some investors remain confident about CHZ’s future prospects despite current market conditions.
In conclusion, Chiliz’s latest partnership has highlighted more utility in the sports industry which may result in healthy demand and upside for CHZ in the long run despite some bearish signs currently present on its charts. Investors should keep an eye out on developments related to this project or similar projects before deciding whether or not they should invest their money in this token or not