Chiliz, a blockchain provider focused on the web3 sports and entertainment industry, is celebrating its 5th anniversary with a rebrand and then with big news: the genesis block of the new Layer-1 EVM-compatible Chiliz blockchain, Chiliz chain 2.0, has been validated. Shortly after the announcement of the Chiliz Chain 2.0 on February 8. CHZ/USD surged by as much as 20%, reaching highs of $0.179 before a slight retreat. At the time of publication, CHZ was down 8% in the last 24 hours at $0.137. Chiliz is hoping to attract more Web3 developers and brands to build on its new blockchain and obtain access to its web3 infrastructure and sports and entertainment network. Chiliz’s native token, CHZ, will be the fuel for the Chiliz Blockchain ecosystem, including all the dApps that will be built on top of it. Holders of CHZ tokens will also be eligible to win rewards for staking (or delegating) on the network.
Key Levels
Resistance Levels: $0.2150, $0.2000, $0.1500
Support Levels: $0.1250, $0.1000, $0.0.750
CHZ/USD Daily ChartAs can be seen from the daily chart, momentum indications show that Chiliz (CHZ) is losing velocity, and the current decline from $0.1792 is likely to extend toward $0.1250 or lower. The relative strength index (RSI) is edging lower toward the 40 mark while the moving average (MA 50) is sloping down into the bearish channel.
Additionally, the price is currently far lower than its all-time high of $0.8915, supporting the coin’s overall gloomy outlook. The price may drop below $0.100 if the adverse momentum persists. On the other hand, early resistance may form near $0.200 and the psychological threshold of $0.300 if buyers reappear and regain control.
CHZ/USD 4-Hour ChartThe 4-hour chart of CHZ/USD shows a rebound that appears to be in jeopardy because the upward momentum has not accelerated and the near-term risks are still leaning to the downside. Therefore, the continuation of the short-term recovery for the cryptocurrency may only be indicated by a strong bounce toward the short-term moving average (MA 200) near $0.1500.
Fresh strength could indicate the beginning of a bull trap, which would support the negative outlook. However, fresh strength would need to be confirmed by closing above the short-term moving average (MA 50), ideally above the $0.1500 level, to add to the already promising indications. Overall, we can anticipate a decline in price or a possible break of the $0.1500 barrier to reach the $0.200 resistance.
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