Man City Fan Token Price Prediction – Down 5%, Can it Pump Back to $10?
Manchester City Fan Token (CITY) has declined by 5% in the past 24 hours, dropping to $5.87. This level represents an 8% decline in a week and a 12% fall in a month, with the Chiliz-based token suffering from the ongoing negative investor sentiment that has plagued much of the market in 2022.
Back in April, CITY held a price of $18.01, its record over the past 12 months. It has since witnessed a steady decline, dropping to a 12-month low of $4.16 by the middle of May before mounting a slight but steady recovery over the following months.
However, with Manchester City FC itself continuing to do well on the football pitch, and with underlying platform Chiliz/Socios.com also witnessing expansion this year, it’s likely only a matter of time before CITY recovers to former levels.
Man City Fan Token Price Prediction
CITY’s all-time high currently stands at $36.19, set back in August of 2021. This came some four months after the fan token was first launched, with the coin priced at around $23 when it was initially picked up by CoinGecko and other trackers.
At the moment, CITY’s technical indicators reflect today’s (and this week’s) decline. Its relative strength index (purple) is down to around 35, while its 30-day moving average (red) continues to hover below its 200-day average (blue).
Of course, such indicators can be taken to mean that CITY is due for a rebound of some kind in the near future, with the coin being oversold as things stand.
When such a rebound comes, however, is the big question. Looking at the wider market, high inflation and rising interest rates continue to depress the global economy, with stock markets also taking a hit in the past 24 hours.
This means that CITY is likely to remain subdued until the world’s economy turns a corner, which arguably isn’t likely to happen this year, with the conflict between Ukraine and Russia showing no signs of ending early.
That said, Manchester City’s season has got off to a flying start, and if they finally win the Champions League this season (which has become more likely now that the team has Erling Haaland breaking records for it), this could see an influx of new holders.
CHILIZ and CITY
At the same time, as a token running on the Chiliz platform, CITY may also benefit indirectly from good news for Chiliz. In fact, CITY’s price chart closely follows CHILIZ’s, so potential investors may want to watch the latter for forewarning of price moves.
And as far as good news for Chiliz goes, parent company Socios.com has announced a few big new partnerships in recent years. For example, it partnered with a range of NFL teams this year, highlighting its plans to expand beyond soccer and into the wider world of sports.
#CHZ is now available in the https://t.co/0DZyULavbV Wallet and Exchange@chiliz is the world’s leading blockchain in sports and entertainment ⚽️🎮— Blockchain.com (@blockchain) September 29, 2022
Get $CHZ today and enjoy the highest rewards rate on the market 🔥🔥🔥 https://t.co/6yU6nvK6o3 pic.twitter.com/WPt8L5J7uf
While such partnerships may not immediately affect CITY’s price, they will, in the longer term, help draw more people toward the Chiliz ecosystem. As such, with Manchester City likely to increase its fanbase in the coming years and with Chiliz also growing, it’s only a matter of time before CITY recovers to $10 and beyond.
For traders impatiently waiting for CITY to recover, there are newer coins that show bigger potential for significant gains in the short term. One of these is the Impact Project (IMPT), which has recently begun its presale, already raising over $3 million within more or less only one week.
🚨Attention #IMPT Crew!! 🚨— IMPT.io (@IMPT_token) October 10, 2022
Another Huge Milestone – We Reached $3 MILLION In Our Presale ‼️♻️🌎
DON'T MISS OUT! 🔥🚀
Grab Some $IMPT at 👉 https://t.co/QfCr8AQv1G#climatechange #bethesolution #environment #carbonfootprint #blockchain #presale #makeachange pic.twitter.com/1fFivboB09
Selling at $0.018 (although its presale price will soon rise), IMPT is shaping up to be an attractive coin for ESG investors, with its native platform creating an Ethereum-based decentralized marketplace for carbon credits and green-supporting retailers. It’s likely to rise considerably when it receives its first listing, which given how quickly its presale is progressing, may not be very far away now.