A Twitter-famous cryptocurrency analyst and Dogecoin (CRYPTO: DOGE) bull said that non fungible token-themed (NFT) coins are about to break out again and advised investors to watch particularly for Chiliz (CRYPTO: CHZ).
What Happened: The technical analyst who goes by the username Kaleo on Twitter, said Chiliz could rebound if it breaks out of the high timeframe (HTF) resistance of $0.4030.
See Also: How To Buy Chiliz (CHZ)
Kaleo, who has more than 359,000 followers on Twitter, noted that the Chiliz/Bitcoin (CRYPTO: BTC) pair has broken out of the HTF downtrend and could surge if it breaks above 875 sats (satoshis).
Also the $CHZ / $BTC has already broken out of the HTF downtrend. A break above 875 sats and it should fly. pic.twitter.com/RdNXCuqyUL
— K A L E O (@CryptoKaleo) August 23, 2021
Why It Matters: CHZ, a digital currency for sports and entertainment, is the native token of the sports tokenization blockchain Chiliz.
Chiliz specializes in creating tokenized digital assets called Fan Tokens that are unique to each sporting team.
Earlier this year, the CHZ token recorded gains of more than 300% in a span of one week, outperforming most NFT blockchains in the space. The gains were driven by French football club Paris Saint-Germain’s progression into the quarter-finals of the Champions League.
However, Chiliz is down 55.2% from its all-time high of $0.8915 reached in March this year.
Price Action: Chiliz is up almost 2% during the past 24 hours, trading at $0.4024 at press time.
Chiliz is up 1798% in 2021 so far, as per data from CoinMarketCap. Axie Infinity (CRYPTO: AXS), another NFT play, is up 12592% year-to-date.
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