Chiliz (CHZ) is a blockchain technology company that aims to tokenize the sports and entertainment space.

• CHZ displaying enormous traction and uptick despite a bearish market
• Chiliz partners with giant sports organizations and teams
• CHZ price spikes by 6.21% as of press time

Chiliz has ramped up on major developments and partnerships with giant sports organizations and teams all over the world.

According to CoinMarketCap, CHZ’s price has soared by 6.21% or trading at $0.2161 as of this writing.

CHZ Collaborates With Sports Clubs

CHZ has shown a massive price spike last month following Chiliz’s partnership with FC Barcelona, a well-famed Spanish football club.

The token was seen to climb by 73% on August 18, showcasing a four-month high. This recent price spike anchored the token to outperform major cryptos like Bitcoin and Ethereum.

Basically, Chiliz is an open platform that allows a variety of sports organizations to mint limited tradeable fan tokens that provide their fans exclusive membership benefits and perks, access to NFTs, voting rights, and merchandise rewards.

Chiliz has expanded its network with football clubs and organizations including FC Barcelona, Paris-Saint Germain, Manchester City, and Atlético de Madrid.

Sports teams partner up with Chiliz for brand awareness and marketing plus also provide fans with modern and immersive experiences.

CHZ Joining The Ranks Of Top Performing Crypto

Chiliz is currently the 47th largest crypto in terms of market cap at $1,293 billion as of this writing.

CHZ has currently joined the bandwagon of the top-performing cryptos over the weekend. So far, the coin was able to spike by 9.2% in the past 24 hours.

This might be a minimal spike compared to the performance of other coins but at this point, the performance of CHZ is extraordinary considering the bearish market.

CHZ recently announced on September 15 their plans to roll out a new fan token which has encouraged more investors to buy and trade the coin.

Technical factors also contributed to CHZ’s uptrend. The crypto has been extremely bearish as it experienced a correction dropping from $0.24 to hitting a weekly low of $0.164.

The RSI of CHZ is shooting above 50 implying a strong buying pressure. The performance of Chiliz the past week is comparably lower in comparison to the previous key support zone retested a week earlier.

CHZ total market cap at $1.4 billion on the daily chart | Source: TradingView.com

Featured image from DailyCoin, Chart: TradingView.com

(The analysis represents the author’s personal views and should not be construed as investment advice).