CHZ, the altcoin project of sports and entertainment focused Blockchain Chiliz, gained 29 percent last week. For most of October, CHZ was below $0.2. However, in the last days of the month, it was seen that the token broke this hurdle. It formed a new local high of $0.2524 today. Thus, it recorded the highest level of 30 days. Meanwhile, famous trader Peter Brandt commented on the Chiliz weekly chart. Here are the details…
- 1 Peter Brandt points to sports-focused altcoin CHZ
- 2 What is the importance of the H&S pattern?
- 3 Chiliz price has risen recently
- 4 Share this:
Peter Brandt points to sports-focused altcoin CHZ
Senior trader Peter Brandt noted the “head & shoulders” pattern on the Chiliz weekly chart. He commented on the appearance of the bottoms of this formation. The analyst first commented on the graphic that a Twitter user named “Jleader” drew attention to. The user spotted a “massive 11-month head and shoulder formation on the CHZ weekly chart.”
Expressing that the realization of the formations on the chart is a “good thing”, Brandt points out the same thing for CHZ. The famous analyst said, “People say that classical chart principles do not apply to cryptos. However, classical graphic principles can be magical in some situations. Like this.” said.
What is the importance of the H&S pattern?
Brandt was quick to point out the “magic” of the user-described classic pattern. The well-known head and shoulders (H&S) pattern is about an asset’s price peaking. It occurs after the peak returns to the bottom of the previous upward move. AmkNews.com As we have also reported, head and shoulder formation can also occur in the opposite direction. What is described in the CHZ chart in question is known as the “head and shoulder bottom” or “inverted head and shoulders”. The bullish version of the H&S pattern is forming near the bottom of the downtrend. It indicates the possibility of a reversal of the current downtrend.
Chiliz price has risen recently
Outside of the charts, some developments pointed to growth in CHZ. Blockchain, for example, recently launched Cayenne, the fourth and final phase of the Scotville testnet. Also, the FIFA world cup is scheduled to start this November. The tournaments for the 22nd FIFA World Cup will take place in Qatar. The tournament will run for 28 days, from November 20 to December 18. As the world cup approaches, fan tokens are seeing an overall price increase.
With the football organization being the official crypto, market participants expect an increase in demand over the period. According to experts, CHZ demand on the Chiliz network has the potential to remain strong thanks to tournament offers. In the context of the 2022 FIFA World Cup, CHZ appears to be the only cryptocurrency to be used directly by the fan community. However, there are other cryptocurrency platforms that will be available, albeit in a sponsorship capacity. Crypto.com announced its sponsorship of the tournament in March 2022.
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