Chiliz [CHZ] reacts in this manner as network increases utility in sports industry

Chiliz’s latest partnership highlighted more utility in the sports industry. CHZ shows bullish breakout signs but investors may also be incentivized to sell.

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.

On 23 March, Chiliz confirmed 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 fund-raising cause.

???????????? ???????????? ???????????????????? ???????????????????????? ???? Chiliz x Common Goal

This is a call to action for the sports industry and its athletes! ????

Give a new meaning to memorable match worn items by pledging them to raise funds for @CommonGoalOrg's key impact areas.@juanmata8 ????

????⚡️ $CHZ

— Chiliz ($CHZ) – Powering ⚡ (@Chiliz) March 23, 2023

According to the report, the pledged t-shirts sold will have NFT chips embedded in them. Participants can scan the chip to access the pledge video, along with other digital collectables.

The partnership highlights Chiliz’s potential as a network that can be tapped into for special access. The network can use its first mover advantage to leverage opportunities in the sports industry.

Did these opportunities fuel CHZ growth?

Chiliz’s potential growth opportunities may translate into healthy demand and upside for CHZ in the long term. However, the short-term performance may not necessarily reflect the long-term sentiment. CHZ retested its sub $0.1 price level earlier this month courtesy of the bearish momentum that prevailed since February. It did, however, bounce back and exchanged hands at $0.12 at press time.

Source: TradingView

CHZ has been trading in a sideways price pattern for the last seven days, but it will have to pick a side eventually. Some of CHZ’s metrics are not exactly inspiring. For example, its network growth is currently at a monthly low, while volatility has been declining for the last few days.

Source: Santiment

It is not all doom and gloom for CHZ because some of its metrics highlight positive observations. For example, the supply held by top addresses reveals that whales have bought into CHZ. The weighted sentiment metric has also improved slightly in the last few days, with a sizable surge in the last 24 hours.

Source: Santiment

CHZ’s age consumed metric soared to $1.91 billion in the last 24 hours, during which the MVRV ratio also extended its upside. While this suggests that buying pressure is dominant, the higher MVRV ratio also means there is some profit-taking incentive.

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