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Chiliz Price Analysis – CHZ Targets $0.057 as Japan Expansion Drives Breakout Momentum

Highlights:

    • Chiliz price rally points to FOMO-driven momentum as it outperforms Bitcoin and major cryptocurrencies.
    • SBI Chiliz’s partnership with Tokyo Verdy boosts Web3 fan token adoption in Japan, expanding Chiliz’s footprint.
    • Technical breakout potential above $0.042 resistance could push CHZ toward $0.057.

Chiliz (CHZ) is one of the top performers today, outdoing Bitcoin and other major cryptocurrencies by a huge margin. At press time, Chiliz was trading at $0.042, up by 15.29% in the day. Chiliz trading volumes are also up parabolically by 346.08% to stand at $173.4 million. The surging trading volumes alongside the exponential gains point to a buildup in FOMO. Looking ahead, Chiliz could continue making strong gains in the short to medium term.

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SBI Chiliz and Tokyo Verdy Enter Fan Token Partnership

A key factor driving the intraday rally is the MOU between SBI Chiliz and Japanese football club Tokyo Verdy. Under the agreement, SBI Chiliz and Tokyo Verdy will work on launching fan tokens and driving Web 3.0 engagement for the football club. The partnership is a big deal for Chiliz in two ways.

First, is the visibility the token is set to get in one of the biggest cryptocurrency markets in the world, Japan. The visibility stems from the fact that Tokyo Verdy competes in the Meiji Yasuda J100 Vision League, a competitive league that runs from February to June. Besides this visibility, if the partnership is successful, it could see more Japanese teams adopt the same idea, further driving demand for Chiliz.

Chiliz’s Growing Importance in Football is Driving FOMO Buying

Most importantly, the partnership points to the growing importance of Chiliz in the football world. Already, Chiliz and the platform behind it have been adopted by major European football clubs such as AC Milan.

Now that it is expanding into Asia, the use case for fan tokens like Chiliz could become entrenched in football. Considering that football is a multibillion-dollar industry, the demand could see Chiliz continue to outperform other cryptocurrencies in the long run. That’s because there is real underlying demand and not just speculative pricing. 

Equities Rally Could Push Chiliz Price and Other Major Cryptocurrencies Higher

Besides the big news around the Japanese partnership today, Chiliz is drawing investor attention based on what is happening in the broader market. Risk-on assets are gaining traction across the board. The S&P 500, to which Bitcoin is strongly correlated, is currently pushing above all-time highs.

This means the markets have priced in any uncertainties from recent months and are ready to push higher. Bitcoin is also following the trend and is now back above $75k.

Since altcoins tend to outperform Bitcoin in bull markets, this could mean Chiliz rallying to new all-time highs in the foreseeable future. Even better is that Chiliz, like most altcoins, is currently at a significant discount relative to its last all-time high. As such, it could see a strong inflow of capital from investors looking to make the most of a potential rebound across the market. 

Possible End to Iran War Could Send Chiliz to New Highs 

The macro environment is also likely to boost Chiliz going into the future. A key factor likely to play a role is the fact that the war in Iran is likely headed for an end. Despite the breakdown in talks, the US Vice President has announced that they are ready to integrate Iran into the world economy if it pledges never to pursue nuclear weapons. There is also talk of a possible return to the negotiating table. Such messaging is likely to send momentum into risk-on assets and send Chiliz to new all-time highs in the foreseeable future.

Technical Analysis – Chiliz Price Rally Hits Major Resistance

Chiliz’s rally in the last 48 hours has seen it hit multi-week resistance at $0.042. If bulls are strong enough to push Chiliz through the $0.042 resistance, a rally to $0.057 could follow.

Chiliz Price Chart
Chiliz Price Chart: TradingView

On the other hand, if bulls lose momentum at $0.042, two scenarios could follow. The first is a consolidation around the $0.042 resistance. The second is a possible correction that could see Chiliz drop to $0.035 support in the short term. With risk-on sentiment back in the markets, the odds are higher for a rally to $0.057 in the short term. 

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