- Chiliz highlighted that its new PoSA (Proof-of-Staked-Authority) chain was in the testnet phase.
- The latest market correction saw CHZ price rallying, putting most holders in profit.
The leading entertainment and sports fan token platform, Chiliz, revealed two crucial upgrades on its ecosystem in the upcoming weeks. Moreover, it showed the announcement on November 9. The blog post had Chiliz confirming the launch of the upgraded Chiliz Chain version – Chiliz Chain2.0.
Meanwhile, the new PoSA (proof-of-staked-authority) chain will connect an ERC20 coin, its native CHZ, and all Fan Tokens mined on Chiliz Chain.
The Poof-of-Staked-Authority (PoSA) will ensure a governance token, optimal scalability, speed, staking, increasing CHZ utilities, and Fan Tokens. Moreover, it will introduce heightened web3 opportunities for the entertainment and sports industry. Chiliz revealed that the chain was in the testnet phase.
Besides the new chain, Chiliz announced the ChilizX launch. ChilizX is a crypto exchange catering to only Fan Tokens. The blog revealed that the new platform provides a trading ecosystem for 59 Fan Tokens, including PSG Fan Token, Man City Fan Token, Argentina Football Team Token, and Barcelona’s BAR Token.
CHZ Amidst the Hype?
Considering the impressive updates waiting to explore the Chiliz network and upside price correction in the overall crypto market within the past day, CHZ enjoyed a price hike. Coinmarketcap data shows the alternative token gained 27%.
Market players traded CHZ worth $1 billion in that timeframe, triggering a 30% surge in trading volume. The increase in trading volume and price within the past day showed massive convictions that market participants exhibited in the token’s continued growth.
That narrative was visible over the last few days as the token saw a volume/price divergence, suggesting that sellers controlled the Chiliz market. Meanwhile, CHZ’s positive comeback attempt amidst lucrative market conditions saw its buying pressure rallying. That saw primary indicators positioned for uptrends.
While publishing this content, CHZ’s MFI (Money Flow Index) maintained upsides at 60.27. Also, its RSI (Relative Strength Index) stayed above the neutral 50, reading 51.28.
Moreover, its CMF (Chaikin Money Flow) had its dynamic line swayed beyond the center line and maintained uptrends at 0.06. That indicated amplified buying momentum during this publication.
Finally, Chiliz MVRV Ratio offered hope to holders following the declines that plagued the marketplace since the FTX fall. The metric showed investors selling their coins at current prices would enjoy double returns on investments.