Chiliz[CHZ] Coin Price Attempting to Rebound Firmly & Spike High to Regain Levels above $0.2

Key Takeaways

• Chiliz, a couple of months ago announced the release of a public testnet for Chiliz Chain 2 ‘Scoville’ and after multiple phase rollout, the chain is scheduled for the next phase rollout, ‘The Pequin’
• As the Chiliz team hinted in the upcoming update, the CHZ price rallied by more than 20% to surge beyond $0.22, but currently trades 15% lower than these levels
• The CHZ Coin price has rebounded well and may regain the lost levels intending to test the upper target ahead of the phase rollouts

Chiliz Chain 2.0 Explained

While Bitcoin rolled out its Lightning Network, Ethereum is upgrading to Ethereum 2.0, Monero is undergoing a hard Fork with extended privacy & security measures, and Chiliz also joins the race by launching Chiliz Chain 2.0. It is a curated, semi-decentralized blockchain for sports & media organizations which is highly scalable. 

The main focus of chain 2.0 is to create an open ecosystem where-in the 3rd party developers can create external use cases for existing Fan tokens and design new experiences in parallel to Socios.com. The chain also intends to unlock further utility for the CHZ token rather than just being an optimal in-App currency. Additionally, the blockchain will be working on PoSA (Proof-of-Stake-Authority) where-in the approved stakeholders will be the node operators.

The evolution of the Chiliz Network update, ‘The Scoville’ is divided into several phases,

• Anaheim: It’s the Phase 1 rollout focusing on features like Faucet for CHZ, Blockexplorer, NFT Smart Contract, Fan Token Smart Contract, Community developer access & Fan token faucet.
• Jalapeno: This Phase 2 rollout aimed to launch a DEX with a Survey Smart Contract
• Serrano: The 3rd Phase consists of launching the documentation on building a local node. Also, release a couple of features like Github repo & Governance or Voting UI
• Cayenne: During Phase 4, the traders will be able to stake CHZ with delegators in action where-in Final Audits may take place
• Pequin: The Phase 5 rollout includes the launch of a cross-chain CHZ bridge
• Malagueta: The last phase, before the mainnet launch, intends to launch a Fan token cross-chain bridge.
• Habanero: After the Mainnet upgrade, the Habanero launch is scheduled in Q3 or Q4 which will be followed by the next phase, wherein the features of Phase 8 are yet to be announced.

Chiliz[CHZ] Coin Technical Analysis

Source: Tradingview

• The CHZ price in the last 7 to 10 days has undergone an inverse parabolic price action which was further accompanied by a minor ascending trend within a parallel channel
• As the pattern formed is an inverse Cup & Handle pattern, the possibility of a slight pullback close to lower support could be imminent
• After a minor correction, the CHZ Coin price may again rebound without testing the lower support and regain levels beyond $2 in the upcoming week
• Here, if the bulls remain strong then the CHZ price may continue rising towards the monthly highs close to $0.23 and later test the $0.25 mark

Chiliz[CHZ] Price Prediction for August 2022

The Chiliz price had been trading below the average levels for the past couple of months ever since the price dropped below $0.16 amid the May 2022 crash. However, with the beginning of H2 August 2022, the CHZ Coin price spiked notably as the Chiliz Team hinted at the possible release of the next phase of the upgrade, ‘The Pequin’. 

The CHZ price surged nearly 25%  but woefully lost all the gains in the next couple of days as bears gained control over the rally. However, the price is attempting to rebound firmly and has been bullish in the past trading days. 

In the upcoming days, the CHZ Coin price is expected to maintain sending consolidation and spike high to regain levels above $0.2. By the end of August, the Chiliz price could surpass the monthly highs and form a new one at around $0.25.