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Chiliz Price to Make Comeback after K-League Partnership?

Last Updated February 19, 2024 3:06 PM
Nikola Lazic
Last Updated February 19, 2024 3:06 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • The South Korean K-League and Chiliz partnership could boost fan engagement.
  • CHZ price has made a significant recovery with the potential for further gains.
  • The K-League’s node validator role deepens strategic blockchain integration.

In a move that has captured the attention of both the sports and cryptocurrency communities, South Korea’s K-League, has announced  a partnership with SportFi blockchain Chiliz. 

With CHZ climbing more than 100% since October, could this add to a solid comeback?

The Partnership 

The partnership is aimed at changing fan engagement through blockchain technology. This collaboration will provide millions of the South Korean football league’s fans with opportunities for interaction. 

The K-League will integrate into the Chiliz Chain ecosystem as part of this alliance. The league’s official game, ‘K-League Fantasy,’ is moving onto the Chiliz Chain. As a result, fans will now be able to engage with player cards and compete in fantasy football.

In addition, the K-League will become the first sports organization to act as a node validator on the Chiliz Chain. This role will involve the league in maintaining the network’s integrity, security, and governance by verifying transactions and voting on chain proposals. 

Chiliz (CHZ) On The Rise

The price of CHZ has been in a multi-year bear market since its all-time high of nearly $1 in March 2021. It formed a descending channel, leading to a bear market low of $0.053 on October 11, 2023. 

Daily chart.
First uptrend in a starting bull cycle.

A new uptrend started, which caused a breakout above the descending structure to a high of $0.11 on February 19. As the daily chart shows, the price formed a low-degree ascending triangle from its January retest of the broken resistance. This move indicates the completion of this uptrend as the price approaches its apex. 

We can count a five-wave move from October’s low with potentially one more minor advancement before its end to $0.13. But as it is near completion, we would be expecting a downturn for its first bull market correction to around $0.080 

If this plays out and the price establishes a first higher low after a breakout from its bear market structure, CHZ could embark on a journey to $0.50 in 2024. 

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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