Ahead of the US Federal Open Market Committee meeting and Fed Fund Rate decision, Chiliz (CHZ) dropped by 20%.

Chiliz (CHZ) dropped by 20%.

Despite continuing its uptrend, Chiliz (CHZ) currency has had trouble breaking through today’s $0.2590 intraday high. When looking at weekly gains for the week ending September 19th, the coin with the most emphasis on sports and entertainment was Chiliz. Despite this, CHZ was unable to sustain its upward momentum.

The Chiliz token is a form of digital currency that can be traded to demonstrate support for professional sports teams. The rest of the cryptocurrency market may be falling, but the price of Chiliz (CHZ) has risen by an incredible 17% in the past week. It’s possible that a number of factors, including the introduction of CHZ 2.0 and a new fan token, are responsible for this increase.

Repeated partnerships with professional sports teams including FC Barcelona, PSG, City of Manchester, and Atlético de Madrid have driven up the cost of a bottle of Chiliz. However, Bitcoin (BTC), the oldest and most precious cryptocurrency, has recovered and now trades at over $19,000.

This was seen as a major contributor to the rising cost of Chiliz (CHZ).

A New Generation of Chiliz

It has also outperformed Bitcoin (BTC) and Ether (ETH), which saw mixed results over the same time period. The release of CHZ 2.0 and a new fan token are two possible explanations for this growth.

Chiliz prices have risen thanks to the project’s increased visibility thanks to on-going partnerships with sports teams including FC Barcelona, Paris Saint-Germain, Manchester City, and Atlético de Madrid. The Chiliz network has followed in the footsteps of others by implementing network updates, “Merges,” and hard forks, such as Monero, Ethereum, and others.

As a result, Chiliz’s creator, Alexandre Dreyfus, announced the network’s transition to its native chain, CHZ 2.0. Chiliz’s developer, Alexandre Dreyfus, recently made the announcement that the company would be switching from the Ethereum blockchain to its own native chain, CHZ 2.0, for the distribution of both fungible and nonfungible tokens. “We don’t have to rely entirely on ERC20 or ERC721 equivalent,” Dreyfus said.

In response to this news, trading activity and the CHZ’s price both spiked by 19% during the day. This technically confirmed the traders’ faith in the CHZ 2.0 update.

Whales  Chiliz

More whale sightings led to a higher demand for CHZ, driving up its price. There were 105 CHZ trades of over $100,000 on August 23; this was the highest number since March 29.

The price of CHZ rose by around 12.5% on that same day. Since CHZ 2.0, the majority of wealthy investors have purchased the token, as evidenced by the rise in whale activity, volume, and price.

Safety of the Cryptocurrency Market

There have been some little bids on the cryptocurrency market, breaking the market’s losing skid. The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), has recovered from a recent slump and is now trading above $19,000.

Conversely, Ethereum (ETHpost-Merge) extended its bear run as the price of the cryptocurrency struggled to move over the $1,400 level on Tuesday morning. Notable altcoins like as Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) all saw price increases during the late US session.

The best-performing tokens in the sample increased in value by more than 16% within 24 hours; these were TerraClassicUSD (USTC) and Chiliz (CHZ).

Carefully consider the Federal Open Market Committee and the Federal Funds Rate

Due to the mild pessimism surrounding the US dollar, the coin appreciated in value. The Federal Reserve is largely expected to raise interest rates this week, and its hawkish comments will cause markets to reevaluate how high rates can go before reaching a peak.

U.S. dollar bulls, though, are not going to lose their throne anytime soon. Even while the US dollar index (a measure of the greenback’s value versus a trade-weighted basket of six major currencies) dropped 0.1% to 109.44, this is still near its all-time high (since 1985) of 109.75.

A rate hike by the Federal Reserve from 2.50% to 3.25% is probable, which might boost the currency and weaken cryptocurrencies.

Chiliz (CHZ) Price Review & Tokenomics

The current Chiliz (CHZ) price is $0.230198 with a 24-hour trading volume of $533m. The price of chiliz has fallen by 6.54 percent over the past day and 20.81 percent over the past seven days.

At the present time, CoinMarketCap has a live market cap of $1.3 billion, placing it at position #37. As of right now, there are 6,038,953 CHZ coins in circulation and a maximum of 8,888,888,888 in existence.

CHZ Cost Diagram
Tradingview’s CHZ Price Chart

As for the technical picture, the CHZ/USDT pair is meeting tough resistance around $0.2590. The closing price of the candle is below the double top’s extended resistance, suggesting that selling pressure will increase.

If the CHZ/USDT pair drops in value, the first support is seen around $0.2203, and if that holds, the next support is seen at $0.1777. Buying support for CHZ may be found near $0.1900 where it is now trading, as indicated by the 50-day exponential moving average.

If CHZ manages to break out to the upside from $0.2580, the next major resistance point is around $0.2815. The CHZ/USD exchange rate is waiting for the US Federal Open Market Committee and the Federal Fund Rate decision to see what direction it will move in future.