CHZ Price Analysis: How High Will Launch of Socios Collectibles Push CHZ Price; Chiliz Chain 2.0 Smashes New Milestone

• Chiliz (CHZ) is up 20.5% in the past seven days at $0.136
• The 10,000,000th transaction on the Chiliz Scoville Testnet has been surpassed
• Users can now own the game-scored balls from the SerieA Super Cup

Chiliz (CHZ) is up 20.5% in the past seven days at $0.136, but trades down at 1.49% in the last 24 hours. Chilizle Chain 2.0 has reached a new milestone ahead of its release. In a Twitter announcement, the 10,000,000th transaction on the Chiliz Scoville Testnet has been surpassed. In March 2022, Chiliz announced the launch of “Scoville,” the public testnet for Chiliz Chain 2.0 and the first Layer-1 blockchain created especially for the sports and entertainment industries. Developed in collaboration with Ankr, a leading provider of decentralized infrastructure, CC2 is EVM compatible with gas fees up to 200x cheaper than ETH. In a move that is deemed the world’s first, users can now own the game-scored balls from the Serie A Super Cup as the Socios collectibles launch. According to the announcement, only fan token holders will be able to win the real balls from the goals. The first drop gives fans a chance to own a game-scored ball from the EA Sports Super Cup Final between AC Milan and Inter. The EA Sports Supercup final paves the way for the first-ever Socios.com collectibles, and its final will be played on Wednesday, January 18.

Key Levels
Resistance Levels: $0.2400, $0.2000, $0.1500
Support Levels: $0.1000, $0.0761, $0.0500

CHZ/USD Daily Chart: Ranging

CHZ/USD Daily Chart

Chiliz (CHZ) achieved a daily high of $0.1443 in the prior week before retracing to $0.1314 on Monday as bulls aim to convert this $0.1500 zone into support ahead of a move higher. A break of the moving average (MA 200) threshold near $0.1700 could provide market players with the impetus needed to move the pair higher. Daily, the RSI indicator is currently above 60, indicating a buy signal.

If the market confirms overbought conditions, a minor retreat is not out of the question shortly. This, however, may present a buy-the-dip opportunity. In the event of a pullback below the moving average (MA 500), the $0.1000 might provide quick support to the CHZ price. Otherwise, the bears may target the $0.076 low if they continue to push lower in unfamiliar terrain.

CHZ/USD 4-Hour Chart: Ranging

CHZ/USD 4-Hour Chart

On the 4-hour chart, the CHZ/USD pair is rising in a positive trend. It’s upside resistance is yet to be broken, as the CHZ price is rising. A break over the $0.1500 barrier should signal a continued rise toward the $0.200 level. Otherwise, if the price retraces to the psychological level of $0.100, we may witness another push to the low, impacting the current trend negatively.

If the price continues to fall, the $0.076 level may provide support. Only a break below this support would give bears greater momentum to target the $0.05 level. Overall, Chiliz is still on the rise, aided by good fundamentals in the fan token sector. A retreat may produce a consolidation pattern before the continuation of the trend.

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