Bitcoin price is still trying to recover its muscles by converging above the significant price of $21,300. The sudden BTC crash has once again forced the whole crypto market to also move back to support zones. Yet some altcoins like EOS and Chiliz are displaying impressive performance. This article is all about Chiliz price analysis and what’s fueling the price rise. Let’s take a look at it in more detail.
What is Chiliz Crypto (CHZ)?
Chiliz is one of those crypto projects that lost tremendously since the beginning of the bear market in November 2021. Despite being a profitable project, prices declined as prices were diligently raised. At the time of writing this, the CHZ price is sitting at $0.224243. In the last seven days, the price has increased by almost +12.7%.
Chiliz (CHZ) is a cryptocurrency designed exclusively for sports and entertainment buffs. Chiliz is a project of Mediarex Group, a multinational sports, and entertainment establishment founded in Malta. Football teams Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, West Ham, Independiente, and Dota 2 E-sports champions OG are among Chiliz’s important customers. Binance, OK Blockchain Capital, and Ceyuan Ventures jointly contributed over $60 million to the business.
Chiliz Price Analysis – CHZ is displaying a strong upside trend
If we closely observe the weekly price chart then we can see that the coin was unable to go above the 50-day moving average on the weekly time frame. The CHZ has been growing swiftly for the past two months, earning almost +128% so far.
This week again CHZ is displaying great performance. It is important to note that most coins have returned to a negative zone. Chiliz has been smoothly increasing over the previous two months.
The crypto market currently appears to be in consolidation mode after a heavy crash. Yet, the technical building of Chiliz shows a great profit in the coming days. Prices achieved a significant area indicated by $0.24 and $0.26. As a first target, we expect that prices would rebound alongside the crypto market and touch the first target of $0.24.
It is also essential to regularly put a stop-loss when trading. A proper SL for this special trade would be directly under the $0.21 price, depending on the risk tolerance and risk control.
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Chiliz Price Analysis: What’s fueling the CHZ Price Rise?
One of the fundamental grounds for a CHZ price rally could be preached to the Chilliz team implying at the forthcoming Scoville network upgrade. The official Twitter account of Chiliz has mentioned the Pequin, the Phase 5 update of its Scoville testnet. The following are the five phases:
Phase 1 -Anaheim
- 31st March
- Faucet for CHZ
- NFT smart contract
- Fan Token Smart Contract
- Community developer access
- Fan Token Faucet
Phase 2 – Jalapeno
- 17th May
- Survey Smart Contract
Phase 3 – Serrano
- Documentation on building a local node
- Github repo release
- Governance/voting UI
Phase 4 – Cayenne
- Staking CHZ
- Final audits
Phase 5 – Pequin
- CHZ cross-chain bridge
According to the official Twitter account, Pequin pepper is a hot chili pepper cultivar typically utilized as a spice. Pequin peppers are very hot, often 5-8 times hotter than Jalapeños on the Scoville scale (30,000 to 60,000 Units). The Pequin update is anticipated to fetch cross-chain bridge functionality to the CHZ token. This is one of the final updates to the Scoville Public Testnet.
Besides the Pequin update, the need for CHZ has already been growing for a few months due to other essential reasons. For example, in August Socios.com declared a $100 million investment to become a technology partner in FC Barcelona and obtained a 24.5% stake in Barca Studios.
The new partnership is anticipated to improve the relations of clubs with lovers via their own token on Socios.com Apart from FC Barcelona,