I will make my fourth participation with CHZ/USDT this time and with a detailed overview of its fundamental and technical (trading) analysis. Let me journey you about Chiliz (CHZ).
OVERVIEW OF CHZ
In the world today, one of the best entertainment is sports like football ⚽ and so on. However, the Chiliz is a fintech platform for the sports enterprise to authorize global fans to get closer to their famous sports teams and clubs like FC Barcelona, Manchester City, Juventus Turin, and Paris Saint-Germain. This entails that the Chiliz is a blockchain infrastructure that encourages sports and entertainment entities to monetise their spectator with a blockchain-based solution.
CHZ is the short form of Chiliz, and it's the native token used on the Chiliz blockchain whereas Socios.com is a fan engagement platform created on the Chiliz blockchain. Nevertheless, Chiliz was created in the year 2017 by Alexandre Dreyfus, its current CEO. He created Chiliz as a result of its experience in web-based companies. Alexandre Dreyfus's mission is to fully ascertain Fan Tokens as the ultimate fan engagement method and as an effective new earnings generator for the sports enterprise.
That's fans can partake and impact club-related verdicts through censuses such as memos the captain should put on his armband. Chiliz organization aims to bridge the hole between being an effective and a modest fan. As such, they have developed partnerships with some of the biggest sporting instants in the world such as FC Barcelona, Juventus, Manchester City, Paris Saint-Germain and so on.
However, not only the partnership with some of the biggest clubs they also parade partnerships with the UFC and gaming institutions.
Furthermore, for fans to obtain access to various fan tokens, which they will directly stake in their various clubs they have to purchase the Chiliz token (CHZ).
WHERE TO PURCHASE IT
To purchase CHZ is to find any exchange that offers digital currency and check if they listed CHZ. However, you can buy Chiliz, currently in Binance, OKX, Hotcoin Global, DigiFinex, and BitCoke. Then you can store it in a safety exchange or wallet.
I trade CHZ/USDT on Binance Exchange and always do your research before choosing an exchange.
Why am I optimistic about this token today, and how long do I think it can rise?
There are several coins in the crypto market but what matters is their foundation and capacity to rise in the future such as BTC. However, CHZ has a promising potential that it will rise above its current price.
As of the time of writing, CHZ (Chiliz) price is $0.193802 with a 24-hour trading volume of $115,429,606. Chiliz is down 1.26% in the last 24 hours. The current CoinMarketCap ranking is #74, with a live market cap of $1,157,982,295. It has a circulating supply of 5,975,067,795 CHZ coins and a max. supply of 8,888,888,888 CHZ coins.
The statistics data for CHZ is gotten from CoinMarketCap
Just as I said It has a circulating supply of 5,975,067,795 CHZ coins and a maximum supply of 8,888,888,888 CHZ tokens with the price of $0.193802. So, If CHZ break and hold the $0.20 area then we see an upward move which means the price will be above $0.21. This means it has a bright chance to rise above the current price.
MY CHZ/USDT TRADE ANALYSIS
I will analyse CHZ/USDT with the aid of EMAs, Parabolic SAR, and Price action strategies with a Multi-timeframe.
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Technically, CHZ was in a downtrend which later reverse to an uptrend as a result of that formed an inverse Head & Shoulder pattern. However, CHZ is now testing the resistance of the $0.19-$0.20 area. If CHZ breaks and hold above the $0.20 area then we see an upward move.
Thus, the first support is $0.17 where the price breaks and move downward to form major support around the $0.14 area. After the trend reversal occurred, the price moved upward and later pull-back to retest the first support around $0.17. This makes it strong support as such a buy entry can be found in that area.
For confirmation, I checked EMAs and Parabolic SAR and observed the price has moved above them. As such, I placed my entry, but no tight stop-loss and I can't risk stop-loss of 7.50% despite seeing a valid entry. This took me to a smaller (lower) timeframe of 1H.
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On the 1H CHZ chart, there was no clear direction of the market instead there is market noise formed. Thus, I was unable to find any entry then I went to a lower timeframe of 15Mins. Remember, this multi-timeframe intends to get a valid bit with tight Stop-loss.
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On the 15Mins, I observed the price is riding above the EMAs and the Dot (SAR) is below the price showing a potential bullish trend formation. Since the price move above the EMAs and the Dot below the price, it signals to buy entry. Well to confirm the signals from both indicators (EMAs & SAR), I checked the price action strategy when I noticed the price has failed to break the support around $0.19 and the price has retested it three times, which means it's valid support.
Then, I jumped in with an entry of $0.196 for a quick profit in short term 😊🚀
Targets: $0.198 and Stop-Loss $0.192. These values, I approximated to three significant figures.
After my prediction, I went to my Binance account and made my entry and opened a long (Buy) position. I have carried 7x Leverage on this position. Checking it this morning I observed it has filled the Take profit which means 😏 I didn't lose today 😊😁.
Below is the trade transaction details.
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This entails that CHZ, BTC and other Altcoins volume increase anticipated to fundamental phenomenon regarding rising to the bullish significance in the market
after the positive news about Russia and Ukraine invasion. We can check this Link out.
Your plan to hold it for a long time or when to sell?
I traded with Margin (Futures), and holding is impossible. So, I will take an exit on the realistic chances. Perhaps, how wished it was Spot, buying now is a realistic odds, as such, I will definitely hold it for a long time and wait when it appreciates like $1 then will sell it.
MY RECOMMENDATIONS
The CHZ is a community created to facilitate sports and entertainment entities to monetise their spectator with a blockchain-based solution. It was launched in 2017 and have a price of $0.193802 as of the time of writing. This indicates it has a promising potential to rise above its current market price. Thus, I can confidently suggest you (spot traders) buy CHZ and hold until it rises but always take entry and exit at the right period.
Nevertheless, when trying to trade with a margin (Futures) is ideal to make use of favourable strategy and good risk management as the market is full of volatility (price fluctuations) and can be manipulated, which means it is full of risk.
Suppose your strategy is not producing good results, it is ideal to look for a better one. A better strategy is determined based on the success percentage of the result. So I recommend you look for a better one that will foster you to have a successful trade. That's let the number of your win trade should be higher than the lost trade.
Other Information about the TRB Token
For more information about TRB, you can visit official whitepaper, Official Website and know the Statistics of the data of the coin, visit CoinMarketCap
CONCLUSION
Trading is full of risk, as such requires a suitable strategy with proper risk management to reduce losses. However, fundamental and technical analysis is very crucial in the liaison of crypto trading and should be carried out first before making any trade entry.
THANKS FOR READING THROUGH
Cc:-
@fredquantum
All charts images were gotten from the [Tradingview](Tradingview. com)
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