Chiliz, a platform known for its fan tokens, has taken a leap forward by launching its own blockchain network. Despite the market’s volatility, Chiliz’s price has struggled to surpass the $0.17 mark. The recent announcement by the Chiliz team has been a step away from the 2021 hype, prompting the question: will this development aid in price recovery?
Chiliz Bolsters Network Security and Governance
In their pursuit to solidify their position as the go-to blockchain for sports and gaming, Chiliz has announced the integration of OKX as a validator on their network. The Chiliz Chain is a Layer1 EVM compatible blockchain, which has been designed to improve governance, security, and scalability. This integration is part of a larger collaboration with several new validators, including sports giants PSG, the EDF Group, and various blockchain entities, all contributing to the robustness of the Chiliz ecosystem.
Market Movement and Forecast for CHZ Coin
CHZ Coin has managed to stay above the critical $0.1 mark since January 24, despite the fluctuating Bitcoin prices. The coin shows a tendency to consolidate at these higher levels, which is seen as a positive indicator. Notably, although there have been spikes in trading, strong profit-taking activities have prevented CHZ from reaching the $0.17 threshold. Currently, CHZ Coin trades at $0.145 and is positioned above a key support zone, with potential targets at $0.154 and $0.162, as it eyes the $0.168 level for a more significant rally.
Considered Points
- The Chiliz network aims to marry sports with blockchain technology, though its current use cases such as voting on jersey designs are quite basic.
- The price movements of CHZ Coin suggest a consolidation phase, with resistance at $0.17 indicating strong profit-taking sentiment among traders.
- With new validators on board, the Chiliz Chain’s enhanced security and governance could attract more users and potentially impact the token’s valuation.
As the overall cryptocurrency market shows signs of recovery, with Bitcoin reaching $70,700 and altcoins in the green, investors and sports enthusiasts alike will be watching Chiliz’s blockchain network with interest to see if it can revolutionize fan engagement and bring new vitality to CHZ Coin’s market performance.
