Chiliz holders have a cause to smile after the losses incurred, here’s why

  • Chiliz confirmed that its new Proof-of-Staked-Authority chain was in its testnet section.
  • The latest market correction triggered the worth of CHZ to rally and put lots of its holders in revenue.

Dubbed the “No 1 sports and entertainment fan token ecosystem”, Chiliz [CHZ] on 9 November announced two main upgrades to be applied throughout its ecosystem in the weeks to come.

Read Chiliz [CHZ] Price Prediction 2023-2024

Per the weblog submit, Chiliz confirmed the proposed launch of a “new and upgraded version of Chiliz Chain – Chiliz Chain 2.0.” With the new Proof-of-Staked-Authority (PoSA) chain, its native token CHZ, an ERC-20 token, and all its Fan Tokens minted on Chiliz Chain will “come together.”

The Proof-of-Staked-Authority consensus mechanism will guarantee “optimal scalability, a governance structure, staking, speed, expanding the utilities of CHZ as well as Fan Tokens, also providing more Web3 opportunities for the whole sports & entertainment industry.” 

Chiliz confirmed that the chain was nonetheless in its testnet section.

In addition to a new chain, Chiliz confirmed the launch of ChilizX, a cryptocurrency trade that caters solely to Fan Tokens.

According to the weblog submit, the trade gives a buying and selling platform “for a wide selection of 59 Fan Tokens,” a few of which embrace “the Paris Saint-Germain Fan Token PSG, Manchester City’s CITY Fan Token, Argentinian National Football Team ARG, Barcelona’s BAR,” and so forth.

CHZ piggybacking off the hype

Due to the thrilling updates set to hit the Chiliz ecosystem and the optimistic worth correction in the basic cryptocurrency market in the final 24 hours, CHZ noticed a rally in its worth. According to information from CoinMarketCap, the worth per CHZ token rallied by 27%. 

With $1 billion price of CHZ traded inside the identical interval, its buying and selling quantity was additionally up by 30%. The corresponding development in the CHZ’s worth and its buying and selling quantity in the final 24 hours indicated the excessive convictions that buyers harbored in the continued development of the asset.

This motion was significantly notable as the previous few days have been marked by a worth/quantity divergence that indicated that sellers had management of the CHZ market. 

As CHZ tried a optimistic comeback beneath favorable market situations, shopping for strain rallied, thereby inflicting key indicators to be positioned in uptrends.

At the time of writing, the belongings’ Money Flow Index (MFI) was noticed in an uptrend at 60.27. Its Relative Strength Index additionally rested above the 50-neutral spot at 51.28.

Further, the dynamic line (inexperienced) of the alt’s Chaikin Money Flow (CMF) marked its place above the heart line and in an uptrend at 0.06. This confirmed that purchasing strain gained momentum, at press time.

Source: TradingView

Finally providing succor to holders after the losses that plagued the basic market since the FTX debacle started, CHZ’s MVRV ratio revealed that if all holders bought their tokens at its present worth, they’d achieve double earnings on their investments. 

1668188133 891 Chiliz holders have a cause to smile after the losses

Source: Santiment

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