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Chiliz Heats Up With 10% Rally - Will It Push Higher This Week?
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Chiliz Heats Up With 10% Rally – Will CHZ Push Higher This Week?

Christian Encila
Christian Encila
2 years ago
3 mins read

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Chiliz, the sports-themed cryptocurrency, has been making great strides following news related to the broader Chiliz ecosystem.

Chiliz’s official Twitter account revealed that the ecosystem will launch a new blockchain that is expected to drive the demand for the ecosystem’s native token.

At the time of writing, the token is up nearly 10% in the last seven days. Along with the bullish sentiment surrounding cryptocurrencies in the past few days, CHZ could see new highs this week.

Public launch of the new Sports Blockchain_
𝐓𝐡𝐞 𝟏𝟎𝐭𝐡 𝐨𝐟 𝐌𝐚𝐲 🔒#ChilizBlockchain ⚡️ $CHZ pic.twitter.com/xNHnCfriin

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) March 28, 2023

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CHZ Becoming A Hot Investment Due To Off, On-Chain Factors

The sports and entertainment niche Chiliz built itself on is celebrating the latest development on Socios.com, which is powered by the Chiliz ecosystem.

According to one of Socios’ latest tweets, the entertainment platform announced that they are accepting votes on who the community wants to see on the next fan tokens.

This is ahead of the UFC Season 287 which is one of the biggest MMA shows on the planet. With total revenue of $609 million, this would bring more fans to Socios which means more demand for the Chiliz ecosystem, not to mention the up-and-coming Palmeiras fan token in the next few weeks which would also drive up demand.

We’ve got something new for UFC Fan Token holders ahead of #UFC287! 💥

Choose which fighter you’d like to see on a @OfficialPanini Instant Card!

🤜 Vote now! https://t.co/iYE5ZHaeci pic.twitter.com/L7ZuzLuT0D

— Socios.com (@socios) April 3, 2023

Adding to the bullishness is the May 10 release of the new Chiliz blockchain. Although there are no specific features defined by the tweet, the community is spurred into buying up CHZ ahead of launch.

At $0.1268, The Token Is Poised For A Big Upside

CHZ, which is currently trading at $0.1268, has been trading on a consistent upward trend following the general crypto market price movement. This led the bulls to target the $0.1308 resistance as a short-term target.

The current sentiment on crypto should also help the price to rally towards this resistance in the next couple of days.

Source: CoinMarketCap

Source: Coingecko

Due to this, investors and traders should be able to target $0.1664 in the long term. Breaking through this resistance would give CHZ a reliable support level for the future. Investors and traders should focus on flipping $0.1308 to support.

CHZUSD currently trading at 0.1247 on the daily chart at TradingView.com

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If the momentum allows it, CHZ bulls should be able to target $0.1914 comfortably. Monitoring the major cryptocurrencies will also benefit the bulls as they can gauge the sentiment around crypto.

-Featured image from Crypto Times

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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