Manchester City Fan Token (CITY) has fallen 5% in the last 24 hours, pushing it to a price of $5.87. This level represents a drop of 8% for the week and 12% for the month. The Chiliz blockchain-based token has been suffering from the negative investor sentiment that has plagued the entire crypto market since the start of 2022.
Last April, CITY was at its peak for the year 2022 with a price of $18.01. Thereafter, a continuous decline was observed until May when the price fell to its low point of $4.16. Since then, the CITY has gradually risen over the months, but its evolution remains laborious.
However, with the continued successes of Manchester City FC in the field of professional football, as well as the progress of Chiliz / Socios.com which continues their developments this year, it is probably only a matter of time before the CITY token returns to its previous price level.
Manchester City Fan Token Price Prediction
The highest point of the CITY dates from August 2021 with a price of 36.19 dollars. This event occurred four months after the initial launch of the tokenand this while the token was valued at around $23 when it finally been listed by CoinGecko and other trackers.
At the moment, the CITY technical indicators reflect the decline of the last few days, but also that of the last few weeks. Its relative strength index (purple) is down to around 35, while its 30-day moving average (red) continues to hover above its 200-day moving average (blue).
Of course, such indicators may mean that the CITY will enjoy a rebound in the more or less near future. The main question remains, however, to know when such a rebound could occur.
Looking at the financial markets on a slightly broader scale, we can see that inflation is still extremely high while interest rates continue to strangle the global economy, and this with the traditional stock market which has suffered a sharp decline in the last 24 hours..
This means that the progression of the CITY should remain limited until the whole of the world economy recovers, which is unlikely to happen this year due to several geopolitical factors, in particular the conflict which has pitted Ukraine against Russia for several months and which also seems to be intensifying.
That said, Manchester City have started their season in fantastic fashion and if the club manages to win the Champions League (an incredible event whose odds have increased since player Erling Haaland has joined the team and is breaking all records), then this could bring a new influx of investors interested in the token.
CHILIZ and CITY
At the same time, as the token operates through the Chiliz platform, CITY could potentially benefit indirectly from the good news surrounding the latter. In addition, we observe that the price of CITY closely follows the movements of Chiliz, so potential investors would be well advised to keep an eye on the latter in the coming weeks.
Furthermore, socios.com which is supported by Chiliz, announced several major partnerships recently. For example, a collaboration with a number of NFL teams during the year, as well as expansion plans in the football sector as well as a wide range of various sports.
While partnerships like this might not immediately reflect on the price of CITY, they are bound to have a positive impact in the long run, which will also increase the number of users in the Chiliz ecosystem. Manchester City will likely see an increase in their fan base in the years to come and with the evolution of Chiliz, it’s only a matter of time before CITY regains its $10 level, and surpasses it.
For the more impatient investors, there are other projects that present price signals with the potential for a more interesting immediate return in the short term. This is particularly the case of TAXan ecological cryptocurrency project focused on the tokenization of carbon credits, which has also just started its presale and has already raised more than $3 million in the space of a week.
Its sale price is currently $0.018 but it is expected to increase soon as the presale stages pass. IMPT presents extremely interesting characteristics able to attract investors who are looking for a cryptocurrency focused on environmental issues.
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Manchester City Fan Token Price Prediction
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