Chiliz’s price has risen 15% in the past week to $0.22, driven by optimism in the cryptocurrency market and strong fundamentals. Chiliz is one of the leading projects in the industry. The Socios platform, which supports the Chiliz cryptocurrency, has formed many partnerships in the sports industry, leading to substantial growth for Chiliz, which is now recognized as a gaming coin.
Chiliz Price is up 15% to $0.22
The current price of Chiliz is $0.2378, with a 24-hour trading volume of $849 million. Chiliz has increased by 20.41% in the last 24 hours and nearly 15% in seven days. On Tuesday, the CHZ/USD pair opened at $0.2235 and ranged from a high of $0.2292 to a low of $0.2159 throughout the day.
CoinMarketCap currently ranks #40, with a live market cap of $1.4 billion. There are 6,000,387,493 CHZ coins in circulation, with a maximum supply of 8,888,888,888 CHZ coins.
What is Chiliz (CHZ)?
Socios is a blockchain-based platform for sports entertainment and fan engagement based in Malta. Chiliz is the cryptocurrency that powers the sports and entertainment blockchain initiative Socios.com. Users can create and distribute fan tokens on this platform and participate in the management and decision-making of the sports team they support.
Sports organizations are increasingly collaborating with companies such as Chiliz and Socios.com to find better marketing and brand-exposure opportunities. They also give fans new ways to interact with their favorite teams.
Scoville Network Upgrade
Chilliz’s official Twitter account addressed Pequin in a tweet on August 15. The network has begun the fifth phase of its Scoville testnet launch, with the mainnet CHZ cross-chain bridge expected to go live before the end of the year. Phase 7 of the Chiliz Chain 2.0 migration is the launch of the Chiliz mainnet.
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Pequin pepper is a hot chili pepper cultivar commonly used 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).
: ️️️#ChilizScoville ⚡️ $CHZ pic.twitter.com/UUdM7Mz5x6
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) August 15, 2022
Furthermore, according to the Chiliz schedule, the mainnet launch could take place in Q3 or Q4 of 2022. To increase participation in the initiative, the Chiliz team is also planning to launch a mobile application in August. The most recent announcements of new development will positively impact CHZ’s value.
Furthermore, if the network successfully launches the mobile app soon, the CHZ/USD exchange rate could skyrocket.
Organismo Agenti e Mediatori License Approval
On August 18, the fan token platform Socios.com officially announced that it had received regulatory approval from the Italian financial authority, Organismo Agenti e Mediatori (OAM). The OAM license will allow the company to offer virtual currencies and digital wallets in the European market for its fan engagement and reward system.
Furthermore, Socios.com became the official partner for fan engagement and rewards for Italy’s national football team after receiving regulatory approval. The acceptance of Socios’ license will most likely benefit CHZ/USD.
Recent Partnerships
At the beginning of August, the network also began joint ventures with the Sharks and Stade Francais. The collaborations, according to Socios, marked a significant milestone in the company’s global growth plans. The Sharks will be the first team in Africa to launch Fan Tokens on Socios.com as part of the partnership. The value of Chiliz is rising due to these recent events. The new partnerships may improve clubs’ interactions with fans who use their token on Socios.com.
These new partners would create fan tokens in addition to FC Barcelona’s football teams FC Porto and goliaths, both of which have created fan tokens using Chiliz. The platform currently has over 65 fan tokens with a market value of more than $350 million. The price of CHZ may rise due to the two factors mentioned above. On August 1, Socios.com announced a $100 million contribution to the FC Barcelona Metaverse initiative.
According to the blog post, the funds will benefit Barca Studios, the soccer team’s Metaverse, NFT, and Web3 divisions. The network will acquire Barca Studios for 24.5% of its value. It will also work with the club to restructure the division’s Web3 plans to include additional revenue streams.
Chiliz Price Prediction – Where Could CHZ Go After $0.2520?
The CHZ/USDT pair is trading strongly bullish, having broken through the $0.2297 double top resistance level. A break above this level, as well as a candle closing above $0.2297, increase the likelihood of the bullish trend continuing.
On the daily timeframe, CHZ has closed bullish engulfing candles, indicating that investors have a strong bullish bias. As a result, we can expect CHZ to rise in value. However, the coin is immediately met with resistance at $1.925. A surge in CHZ demand could push the CHZ price past an immediate resistance level of $0.2517 and on to the next major resistance level of $0.2630.
Chiliz Daily Price Chart – Source: Tradingview
CHZ may find immediate support at $0.2297 on the downside. A break below $0.2297 may open the door to more selling until $0.2178 or $0.2022 is reached. Leading technical indicators, such as the RSI and MACD, suggest a buying trend. The RSI is around 76, and the MACD has histograms above zero, indicating a strong uptrend.
At the same time, the 50-day EMA is around $0.2022, indicating that CHZ is in a bullish trend. As a result, the Chiliz price forecast remains positive, especially above $0.2297. Consider remaining bullish if the price is above $0.2297 or $0.2178, and vice versa.
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