These 3 altcoins have completely ignored the bear market in the last 90 days

August 29, 2022 Coin Telegraph

Altcoin

Several altcoins have not only outperformed Bitcoin and Ethereum in the last three months but have also posted impressive gains.

The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's (Luna) —now renamed Terra Classic (LUNC) — collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer.

Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them:

Chiliz (CHZ)

Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC and ETH losing 57% and 60%, respectively.

*Cryptocurrency performance (last 90 days). Source: blockchaincenter.net*

On the daily chart, CHZ's price reached $0.20 per piece on Aug. 29, and was looking to close the month in profit. Conversely, from a technical perspective, the Chiliz token stares at a potential 55% correction to $0.09 in September, based on the setup shown below.

*CHZ/USD three-day price chart. Source: TradingView*

Originally, the CHZ price rally started amid a rebound witnessed across the crypto market. But ts upside move picked momentum on a flurry of optimistic updates, including a partnership with crypto exchange Huobi Global and a nearly 25% acquisition of FC Barcelona's Barça Studios.

FC Barcelona announces the sale of 24.5% of Barça Studios to the company https://t.co/SkC8g62KY4 for 100 million euros to accelerate the club’s audiovisual, blockchain, NFT and Web.3 strategy.

More details https://t.co/0sM9grct3L pic.twitter.com/5xcLWYg440
— FC Barcelona (@FCBarcelona) August 1, 2022

Chiliz also benefited from the hype around its back-to-back network updates as it attempts to do away with Ethereum and launch its own chain CHZ 2.0.

Lido DAO (LDO)

Lido DAO (LDO) has rallied around 60% in the last 90 days primarily due to the euphoria around "the Merge ," Ethereum's long-awaited network transition from proof-of-work to proof-of-stake in September.

Lido DAO helps underfunded users to become stakers on Ethereum's upcoming proof-of-stake chain. It does so by collecting users' Ether funds into a pool of 32 ETH—as required by the Ethereum network—and depositing them into the Merge's official smart contract.

*Ethereum 2.0 TVL staked by provider as of Aug. 28. Source: Glassnode*

The prospects of Lido DAO attracting more users in the days leading to and after the Merge have triggered buying in an otherwise bear market.

But like Chiliz, LDO's price risks plunging lower by 20% to $1.31 in September as shown in the setup below.

*CHZ/USD daily price chart. Source: TradingView*

The $1.31-target serves as the support in the consolidation area marked in red, given its historical performance.

Quant Network (QNT)

Quant Network (QNT) rose by more than 40% in the last 90 days, initially driven higher by a broader crypto market uptrend but picking momentum on speculations that their interoperable blockchain protocol would find adoption across governmental and regulatory bodies.

⚔️ Group 2 — Financial Action Task Force (FATF)

Quant CEO @GVerdian has worked diligently to keep Overledger in compliance with all existing and forthcoming regulations, including the FATF’s framework for VASPs (see image).

☑️ Gilbert’s #FATF hashtag from 2019 says it all. ⬇️ https://t.co/0hvTDqAESh pic.twitter.com/F3Txe8rWPr
— Greg Lunt (@GregLunt27) July 8, 2022

But from a technical perspective, QNT risks a 40% price decline from its current price level owing to the formation of a head-and-shoulders setup on its daily chart with a $57 target by September, as shown below.

*QNT/USD daily price chart. Source: TradingView*

Other winners

Ethereum Classic (ETC) has also surged by more than 40% in the last 90 days in hopes that it would offer a safe haven for Ethereum miners after the PoS upgrade.

WhilPolygon (MATIC) has rallied by 27% in the same period, followed by Uniswap (UNI), which is up 13%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

3 reasons why Chiliz is up 35% this week — and where is CHZ price heading next?

August 24, 2022 Coin Telegraph

Altcoin

A mix of fundamental, on-chain and technical catalysts has driven the CHZ price to its best levels since April 2022. What's next?

The price of Chiliz (CHZ) has surged by approximately 35% week-to-date (WTD) to reach $0.26 per token on Aug. 24. In doing so, the token has outperformed Bitcoin (BTC) and Ether (ETH), which have been wobbling between gains and losses in the same period.

*CHZ/USD versus BTC/USD and ETH/USD daily price chart. Source: TradingView*

Here are the key catalysts that could be behind Chiliz's breakaway rally.

CHZ 2.0

On Aug. 22, Chiliz founder Alexandre Dreyfus announced their intentions to stop utilizing the Ethereum blockchain to launch their fungible and nonfungible tokens and replace it with its own native chain, CHZ 2.0.

"We don't have to rely forever only on ERC20 or ERC721 equivalent," said Dreyfus, adding:

"At @chiliz we think we can bring some innovation on top of fungible token formats. As we work with 100+ of the biggest brands in the world, it is easier to deploy and scale."

The announcement coincided with CHZ undergoing a 19% intraday price rally on Aug. 22, accompanied by a spike in trading volume. From a technical perspective, the move showed traders' conviction in the CHZ 2.0 announcement

The return of Chiliz whales

CHZ's price boom this week further coincided with the rise in whale activities.

Notably, the number of CHZ transactions whose value exceeds $100,000 reached 105 on Aug. 23, its highest since Mar. 29, according to data provided by Santiment. Moreover, CHZ's price rallied nearly 12.5% on the same day.

*Chiliz price versus whale activity. Source: Santiment*

The parallel rise in CHZ's whale activity, volume, and price suggest that most rich investors have been buying the token after the CHZ 2.0 announcement.

Technical breakout underway

Chiliz's ongoing price rally comes as a part of a technical breakout move that started mid August.

On the daily chart, CHZ broke out of its prevailing cup and handle setup on Aug. 14 after closing above the pattern's neckline range (the red bar), as shown below. A cup and handle pattern is considered a bullish reversal setup by traditional chart analysts.

The technical setup, coupled with the CHZ 2.0 announcement, could have influenced traders to remain bullish on CHZ. It could also mean that the token would keep rallying until it hits the cup and handle pattern's profit target at around $0.32, up another 35% from today's price.

The target is determined by measuring the cup and handle's maximum height and adding the outcome to the neckline. In other words, CHZ price could reach it by September, given it current upside momentum.

PSG price resumes rally to all-time highs as Lionel Messi officially joins Paris Saint-Germain

August 12, 2021 Coin Telegraph

Chiliz

The fan token had earlier dropped by almost 40% after hitting a record high of $61.50 amid speculations that Lionel Messi would join French club Paris Saint-Germain.

PSG, a fan token launched by Paris Saint-Germain, resumed its uptrend on Thursday after Argentinian football superstar Lionel Messi confirmed that he was joining the French football club.

The PSG/USD pair jumped by 10.57% to hit an intraday high of $41.90. The pair’s latest upside move followed an almost 40% bearish correction from its all-time high of $61.53 achieved on Tuesday amid speculation that Messi would sign a multi-year contract with Paris Saint-Germain.

“Paris Saint-Germain is a possibility, yes,” Messi stated during his emotional farewell address after ending his 19-year stint at FC Barcelona on Sunday. However, he added that “nothing is confirmed” and that he is still talking about the possibility of joining Paris Saint-Germain.

The cost to purchase one PSG token almost doubled after Messi’s public address. It later corrected due to what appeared like profit-taking but resumed its bull run entering the Thursday session, almost a day after Messi finalized his two-year contract with Paris Saint-Germain.

*PSG price performance throughout its trading history. Source: TradingView*

Moreover, Paris Saint-Germain revealed that the 35-million-euro-per-season financial package to Messi would also include payments in PSG fan tokens. The news service cited sources from the football club, claiming that PSG would be a part of Messi’s “welcome package,” provided by Socios.com, the club’s fan token provider.

Socios’ own in-house currency, Chiliz (CHZ), rallied 12.30% to reach $0.368 for the first time in almost two months after the Messi-PSG news broke out.

*Chiliz price daily chart. Source: TradingView*

Tokenizing sports

The news, on the whole, served as a validation of the sports industry’s active foray into the widely untapped world of cryptocurrencies. In doing so, clubs are attempting to employ digitized tokens to provide holders the right to vote on minor decisions and enable them to buy sports merchandise.

On the other hand, fan tokens’ popularity also served as an opportunity to gauge fan sentiment for any decision a club makes. For instance, the PSG token’s rally to an all-time high based on potential Messi recruitment helped showcase the club’s followers’ approval of the decision.

Football clubs Manchester United, Arsenal, FC Barcelona and Italian AC Milan launched their fan tokens earlier this year. Even the national football team of Portugal launched its own crypto token in June on Socios.

Meanwhile, the French Football Federation announced that it would launch player nonfungible tokens (NFT) alongside Sorare, a blockchain-based fantasy soccer game.

Socios Chiliz exchange founder and CEO Alexandre Dreyfus noted that clubs that signed up with them at the early stage made massive profits in terms of revenue. When the business model of monetizing fan engagement worked financially, more clubs joined.

“The thing is, all of these teams, they talk to each other,” Dreyfus told Sports Pro Media.

“So they call each other and say, ‘hey, can we have more information about your partnership with Socios? Does it work? Are we legit? Did you really get paid the amount you got paid?’”

As a result, Socios has grown its partners from 20 to 48 so far in 2021, raking in more than $200 million in revenues.

CHZ Price