- Chiliz price jumped sharply on Tuesday.
- It rose as fan tokens like Porto and Santos went vertical.
- Chiliz launched the Scovile testnet as part of its Chiliz 2.0 transition.
Chiliz price made a strong recovery on Tuesday as investors reflected on the strong performance of fan tokens. CHZ also rose after the developers launched the Scovile testnet. It rose to a high of $0.20, which was about 22% above the lowest level this month.
Path to Chiliz 2.0
Chiliz is a unique blockchain project that is disrupting an important industry. Unlike other smart contract platforms like Ethereum, Chiliz is disrupting the sports and entertainment industry using blockchain.
Chiliz helps sports teams to launch their fan tokens. A fan token is a cryptocurrency that helps to improve the engagement between teams and their fans. Holders of the token can receive discounts and also vote on minor issues in clubs.
Fan tokens have grown rapidly in the past few months. There are now 81 of them according to data by Fan Market Cap. All these tokens have a combined market cap of more than $371 million and are led by Santos, Lazio, FC Porto, and Paris Saint-Germain.
Learn more about how to buy Chiliz.
Chiliz also runs Socios, a platform that makes it possible for people to buy and sell fan tokens. Lionel Messi is the brand ambassador for the platform.
Chiliz price is rising as the prices of top fan tokens in its ecosystem bounce back. For example, PORTO price jumped by more than 12% in the past 24 hours while SANTOS jumped by over 10%. Other coins that are doing well are Argentine Football Association and Portugal National Team among others.
Chiliz also rose after the developers launched the testnet for the Scoville upgrade. Chiliz 2.0 will make it possible for sports and entertainment brands to mint NFTs and fan tokens, build DeFi products, and Play2Earn games.
It will also make it possible for them to create events, loyalty, and merchandising programs. Chiliz 2.0 is being done in collaboration with Ankr, the leading infrastructure project.
Chiliz price prediction
The four-hour chart shows that the CHZ price formed a double-bottom pattern at $0.1632. In price action analysis, this pattern is usually a bullish sign. Its neckline was at $0.1898. The coin then moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has continued rising.
Therefore, there is a likelihood that the Chiliz price will continue rising as bulls target the key resistance level at $0.22. A drop below the support at $0.1800 will invalidate the bullish view.
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