The deployment of the Scoville testnet for Chiliz Chain 2.0 is the most significant milestone helping to strengthen the prognosis for digital asset sports project Chiliz in 2022. Chiliz aims to build NFT and fan tokens by combining the influential Web 3.0 capabilities of high-profile athletic and entertainment companies. Chiliz blockchain is also capable of supporting DeFi and dApps. It is now the top digital asset for athletic participation, with the CHZ native token as the primary money within the fan-focused Socios platform.
Game teams have also utilized CHZ to generate fan tokens with pre-defined supply amounts, like the PSG token. Chiliz can even handle staking, NFT minting, and decentralized services. Chiliz has a market valuation of $671,006,741 based on active circulation. CHZ may potentially expand by forming alliances with well-known teams and athletic organizations and adding new features to its blockchain.
Chiliz is yet to signal a breakthrough and will have to overcome the opposition that caused the previous consolidation in June to fail. The outlook appears consolidative with a negative tendency until prices exceed $0.13. Chiliz’s token price movement is marginally favorable on daily charts, but the worst is yet to come compared to resistance levels. The value of the CHZ token surged dramatically from $0.08. However, trade around the resistance zone pushed it down.
To reach the bottom band of its resistance zone, CHZ requires a marginal movement. The RSI indicator displays positive momentum as it rises upwards. It suggests that the price may retrace its recent highs of $0.12, with the MACD indicator showing a neutral attitude. In the event of a failure or a large profit booking wave, the $0.079 support level should hold.
It has already crossed the 50 EMA curve. The next objective of the 100 EMA curve would need an additional leap from present values. Compared to a week ago, transaction volumes for CHZ coins have decreased. As a result, before investing in the CHZ cryptocurrency, purchasers should examine vital technical indicators and candlestick patterns.