The rise in popularity of NFT projects, on the one hand, and the rise in bitcoin prices in recent weeks, on the other, have pushed digital currency prices such as Chiliz and Flow to triple-digit jumps.
to the the report Coin Telegraph, and based on CryptoQuant data, investors saw the recent market correction as a price floor and made a purchase. The correction came after Bitcoin fell to $ 48,000. On the other hand, most of the capital outflows from the Coin Base exchange office have been wallets (custodians), which indicates that institutional investors are likely to see a jump in the price of Bitcoin in the near future.
Earlier, in an interview with Bloomberg Network, Jesse Powell, CEO of Kraken Exchange, said that it would make sense for Bitcoin to reach $ 1 million in the next ten years. In another part of his speech, he stated that Bitcoin can surpass gold as a reserve of value.
As the price of Bitcoin jumped from $ 47,000 to $ 51,000, so did the non-pecuniary tokens known as the Decentralized Finance Competitor (DeFi). Currently, the popularity of these tokens is so high that the famous artists of these platforms sell their works in a matter of minutes. On the other hand, there are unparalleled tokens in the field of sports, which have also experienced acceptable growth.
In the following, we will examine some of the basic factors of non-unique token projects.
Chilean / Dollar currency pair
Chile (CHZ), which specializes in the use of the Blockchain in sports, has been involved for years in discussing fan tokens with some of Europe’s most famous football clubs. In late 2020, the company announced that it had begun working with Bainance Exchange. Following the announcement, Chiliz added an AC Milan fan token to his list of tokens. In a short period of time, this brought in a profit of $ 6 million for Chile. Shortly afterwards, the company announced that it had signed a memorandum of understanding with 23 institutions active in the field of e-sports to supply fan tokens.
Chillis has also announced plans to expand its business in the United States. Alexandre Dreyfus, the company’s CEO, announced in an interview that he would open an office in New York. He also said that Chile has plans to work with local leagues and sports teams in the state.
If Chile can persuade top American teams to use its platform, we should expect a sharp rise in the price of this digital currency. Dreyfuss went on to say that his company plans to double its $ 30 million profit with its partners last year.
The price of Chile was at $ 0.032468 on February 23 and is currently trading in the $ 0.155 range, indicating a 377% jump in the digital currency in less than a week. This sharp rise in price pushed the Relative Strength Index (RSI) above the 89 level, indicating short-term buy saturation. This could lead to price correction or stabilization in the next few days.
The first support for Chile is at Fibonacci 38.2% and the price is $ 0.108. If the price recovers from this support, it indicates that buyers are not waiting for extensive corrections and will buy in minor corrections.
If buyers from there raise the price to $ 0.155004, this currency can jump up to $ 0.230731.
On the other hand, if sellers lower the price to $ 0.108195, there is a possibility of a fall to 50% Fibonacci and the area of $ 0.0937. After that, Fibonacci will be 61.8% and the price of $ 0.079277 will be in front of Chile. In this case, it can be concluded that the price acceleration has weakened.
Before the next wide oscillation, the chilli may have transverse oscillations in a particular channel.
Flow / dollar currency pairs
From the 1920s until now, the sports card trading market with photos of famous and popular players has been hot. Meanwhile, some rare cards are traded at very high prices. However, in today’s digital world, physical cards do not play a significant role in the field of non-parasitic tokens. Consider, for example, the NBA Top Shot. The market, which is based on the China Flow blockchain, has sold more than $ 230 million in the past few months.
The madness in the realm of unparalleled tokens continues to grow. A well-known and old digital artist named Ben Mauro made about $ 2 million by placing his work in VIV3, the first such market in the China Flow block. Interestingly, his artwork sold out in just 7 minutes.
The OpenSea market, known as the largest market for unique tokens, recently announced that it would use the China Flow block. The purpose of using this Blockchain was to create a highly free economy for collectible digital assets.
Flow also hosts a collection of digital assets from UFC and Dr. Suess, and the launch of its Mainnet network has attracted many developers, investors and artists.
The FLOW token has been performing excellently since late January. The jump in the price of Flow started on February 26 (March 8) and in the range of $ 18,379. The price of Flow has now reached $ 41,275, growing by 124% in one week.
The jump in the last few days occurred before the relative strength index entered the buy saturation range. When this index enters the buy saturation range, it indicates a sharp increase in purchases by investors in the short term. The big candle on March 3 (March 13) and the candle today indicate that traders are looking to profit from these jumps.
Any return to current levels may be supported in the $ 30 range. If the price can start its recovery from this area, it will show the strength of the trend. The flow / dollar pair may rise to $ 50 psychological resistance.
On the other hand, if the price falls below the 20-day moving average ($ 22.58), it can be said that the uptrend has been violated; In other words, in this case, the market trend will be accompanied by a turning point.