Why Chiliz’s (CHZ) Price is Surging Today? Has Chiliz Chain 2.0 Ignited a Bull Run for the Crypto?
Chiliz, one of the most popular NFTs had faded soon after reaching its highs. However, since the platform has announced the release of a public testnet called ‘The Scoville’ for Chiliz Chain 2.0, the CHZ price has been impacted significantly. The Chiliz Chain 2.0 is a layer-2 chain for Chiliz which is a semi-decentralized blockchain for sports & media organizations.
The network upgrade is divided into several phases that carry their own significance and importance. Presently, the network is poised for the 5th Phase rollout called the ‘Pequin’ which includes a launch of a cross-chain CHZ bridge.
𝙿𝚑𝚊𝚜𝚎 𝟻 | 𝙿𝚎𝚚𝚞𝚒𝚗Pequin 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).𝚂𝚌𝚘𝚟𝚒𝚕𝚕𝚎 𝙵𝚊𝚌𝚝𝚘𝚛: #ChilizScoville $CHZ — Chiliz ($CHZ) – Powering Socios.com (@Chiliz) August 15, 2022
According to the official Twitter account, the Pequin update is going to be 5 to 8 times hotter than the previous Jalapenous upgrade. This upgrade offers a cross-bridge functionality to the native token CHZ which is to be the final update within the Scoville Public testnet.
How High May CHZ Price Reach in August 2022?
Chiliz’s price has been trading within a descending trend for a long time and since the May crash, the asset has been attempting a parabolic recovery to hit the crucial resistance at $0.33. The price in the higher time frame is testing the crucial 50-day MA levels and is closer to clearing the immediate resistance at $0.23
The CHZ price as mentioned before is undergoing a parabolic recovery and may rise high to hit $0.28 which is the neckline of the curve. Here the asset may encounter a bearish action which may accomplish a cup & handle pattern. After a minor retracement, the CHZ price could be primed to rise beyond $0.33 and also further test $0.4 in the next 15 to 20 days.
However, while the monthly close is on the horizon, the asset may increase its volatility and try to smash the resistance levels. Moreover, the upcoming upgrades may attract more liquidity onto the platform which may prevent an extensive price plunge in case of a correction. Eventually, the asset is pretty bullish with significant upgrades lined up until the end of 2022.Source