Chiliz price analysis: is now a good time to buy this cryptocurrency?

The cryptocurrency market is advancing this Friday; Bitcoin continued its surge and reached a new daily high above $46,500. This situation also supports Chiliz’s price, and in less than several hours, the price of this cryptocurrency has advanced more than 10%.

Fundamental analysis: Chiliz continues with U.S. expansion

Chiliz is an exclusive currency option for the Socios.com sports fan engagement platform which is built on the Chiliz blockchain infrastructure. Chiliz provides sports & entertainment entities with blockchain-based tools to help them engage & monetize their audiences.

Fan Tokens bought on Socios.com allow users to influence their teams, and the most famous sports teams that have branded Fan Tokens are F.C. Barcelona, Paris Saint-Germain, Juventus, Manchester City, Atlético de Madrid, Roma, OG, CAI & UFC, and lots of others.

Chiliz has opened up a New York office and continues with U.S. expansion by announcing partnerships with seven more leading U.S. sports franchises this month. Chiliz will announce all the partners by the end of next week starting from this Friday and then one more each day next week, Monday till Friday.

Chiliz is a rapidly growing phenomenon, sweeping across the international sports industry, and more than 50 major sports organizations have joined Socios.com for now. Due to the fast global expansion, Chiliz hired 14 new recruits to the Tech, Customer Services, Marketing, and H.R. departments this week.

“Our mission in the U.S. is just starting. We look forward to working closely with each of these amazing teams, our existing partners, and future partners from across the five major US sports leagues to enhance fan engagement globally,” said Alexandre Dreyfus, CEO of Socios.com and Chiliz.

Chiliz is a truly unique project with big potential, and the price of this cryptocurrency could advance again at levels that we saw in March 2021, but this will certainly not happen in the upcoming weeks or even months.

Technical analysis: Chiliz could advance even more in the upcoming days

Chiliz has advanced from $0.25 above $0.37 since the beginning of July, and as long the price is above $0.30, it remains in a buy zone.

Data source: tradingview.com

The daily volume of Chiliz (CHIL) continues to rise, and if the price jumps above $0.40 resistance, we have the open way to the next resistance that stands at $0.50. Technical indicators remain bullish, suggesting that Chiliz will probably continue its positive trend; still, if the price falls below $0.30 support, it would be a firm “sell” signal.

Summary

Chiliz is a rapidly growing phenomenon that continues with U.S. expansion by announcing partnerships with seven more leading U.S. sports franchises this week. More than 50 major sports organizations have joined Socios.com for now, and according to Alexandre Dreyfus, CEO of Socios.com and Chiliz, the expansion is just starting. Chiliz could advance even more in the upcoming days, and if the price jumps above $0.40 resistance, we have the open way to the next resistance that stands at $0.50.

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