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 phase.
• The recent market correction caused the price of CHZ to rally and put many of its holders in profit.

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

Read Chiliz [CHZ] Price Prediction 2023-2024

Per the blog post, 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 ensure “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 still in its testnet phase.

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

According to the blog post, the exchange offers a trading platform “for a wide selection of 59 Fan Tokens,” some of which include “the Paris Saint-Germain Fan Token PSG, Manchester City’s CITY Fan Token, Argentinian National Football Team ARG, Barcelona’s BAR,” and so on.

CHZ piggybacking off the hype

Due to the exciting updates set to hit the Chiliz ecosystem and the positive price correction in the general cryptocurrency market in the last 24 hours, CHZ saw a rally in its price. According to data from CoinMarketCap, the price per CHZ token rallied by 27%. 

With $1 billion worth of CHZ traded within the same period, its trading volume was also up by 30%. The corresponding growth in the CHZ’s price and its trading volume in the last 24 hours indicated the high convictions that investors harbored in the continued growth of the asset.

This movement was particularly notable as the past few days have been marked by a price/volume divergence that indicated that sellers had control of the CHZ market. 

As CHZ attempted a positive comeback under favorable market conditions, buying pressure rallied, thereby causing key indicators to be positioned in uptrends.

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

Further, the dynamic line (green) of the alt’s Chaikin Money Flow (CMF) marked its position above the center line and in an uptrend at 0.06. This showed that buying pressure gained momentum, at press time.

Source: TradingView

Finally offering succor to holders after the losses that plagued the general market since the FTX debacle began, CHZ’s MVRV ratio revealed that if all holders sold their tokens at its current price, they would gain double profits on their investments. 

Source: Santiment