The price of bitcoin is still attempting to regain its strength by convergent above the important price of $21,300. The unexpected BTC crash has once again compelled the entire cryptocurrency market to return to support areas. However, some alternative currencies, including EOS and Chiliz (CHZ), are performing impressively. This article focuses on the price analysis of CHZ and the factors driving the price increase. Let’s examine it in greater 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.
The CHZ price is $0.2347 at the time that this article is being written. The price has increased by almost +%118,90 over the past thirty days.
A cryptocurrency called Chiliz (CHZ) was created specifically for fans of sports and entertainment. A project of the international sports and entertainment company Mediarex Group, which was established in Malta, is Chiliz. Among Chiliz’s key clients are the football clubs Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, West Ham, Independiente, and Dota 2 E-sports champions OG. Together, Binance, OK Blockchain Capital, and Ceyuan Ventures invested more than $60 million in the company.
If we pay close attention to the monthly price chart, we can see that the coin was unable to rise above the monthly time frame’s 50-day moving average. The CHZ has experienced rapid growth over the last two months, with earnings of nearly +128%.
Again this week, CHZ is performing admirably. It’s important to remember that most coins have moved back into the negative territory. In the past two months, Chiliz has steadily increased.
After a significant crash, the crypto market currently seems to be consolidating. However, Chiliz’s technical infrastructure indicates a significant profit in the coming days. Prices rose significantly in the range between $0.24 and $0.26. We anticipate that prices will rise along with the cryptocurrency market and reach the first target of $0.24.
When trading, it’s also crucial to consistently set a stop-loss. Depending on risk tolerance and risk control, a proper stop loss for this special trade would be immediately under the $0.21 price.
Why is the CHZ Price Rising?
The Chilliz team might be told that the upcoming Scoville network upgrade is one of the primary reasons for a CHZ price increase. The Pequin, the Scoville testnet’s Phase 5 update, has been discussed on Chiliz’s official Twitter account. The five phases are listed below.
Phase 1 -Anaheim
- 31st March
- Faucet for CHZ
- Blockexplorer
- NFT smart contract
- Fan Token Smart Contract
- Community developer access
- Fan Token Faucet
Phase 2 – Jalapeno
- 17th May
- DEX
- Survey Smart Contract
Phase 3 – Serrano
- Documentation on building a local node
- Github repo release
- Governance/voting UI
Phase 4 – Cayenne
- Staking CHZ
- Delegators
- Final audits
Phase 5 – Pequin
- CHZ cross-chain bridge
Phase 6 – Malagueta
- Scoville Factor: 🌶️🌶️🌶️🌶️🌶️
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.
It is anticipated that the new partnership will enhance clubs’ interactions with lovers using their own token on Socios.com. Along with FC Barcelona, footballing behemoths like Manchester City, Paris Saint-Germain, and FC Porto have also partnered with Chiliz to create their own fan tokens. Currently, the platform has more than 65 fan tokens built with a market cap of more than $350 million. The price of CHZ may be rising because of the two factors mentioned above.