Here's How Chiliz lost 24% of value in a single day
As the World Cup commenced, Many coins lost their attractiveness, including Chiliz causing the price to drop by 24% in a single day.
Chiliz drops to a monthly low of $0.185
Top FIFA supporter tokens for the national football teams of Portugal, Brazil, and Argentina have also seen a 25% drop in value. The bullish thesis for CHZ would be invalidated if the daily candlestick closed below $0.165, leaving the price at $0.150. In anticipation of the FIFA World Cup Qatar 2022, the price of Chiliz (1) has been noticing a lot of variation over the previous several days. Since traders' interest in these fan tokens appears to have decreased due to the cryptocurrency's connection to the fan token marketplace Socios.com, CHZ has suffered.
The top fan tokens by market capitalization include some of the football teams' emblems from Portugal, Brazil, and Argentina dominated the area with their allure. However, the value of these tokens significantly decreased less than 48 hours after the FIFA World Cup's start. The Portugal National Team fan token (POR) (2) price has decreased from $6.1 to $4.5, a decrease of more than 27%. has decreased from $6.1 to $4.5, a decrease of more than 27%. The same applies to the supporter token for the Brazil National Football team (BFT). The token's price dropped from $0.97 to $0.72, costing its holders 25% of their investment. The fan token for the Argentine Football Association followed suit, falling more than 20% on the same day to trade at $6.55. Chili's pricing has decreased as a result.
Chiliz shows a decline.
The price of Chiliz dropped to trade in the last hours of November 21, $0.185. Walking directly over the line of immediate support, around $0.180, CHZ appears to be getting closer to losing all existing chances of recovery. There is still a risk that the Chiliz price or the larger market may rebound from the immediate support. Back on pace to tag and turn $0.197 and $0.213 become support levels, CHZ would be after this. The cryptocurrency's crucial resistance level at $0.233 might be breached by resuming the rally if the FIFA frenzy returns and buyers emerge.
Chili's price might target the immediate support of $0.180 if the football World Cup event fails to spur greater interest or purchasing pressure. Losing this may lead to CHZ tagging $0.165. The bullish thesis would be disproved by a daily candlestick close beneath $0.165, allowing the cryptocurrency to collapse to its crash lows of roughly $0.150 on November 9.