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HomeUncategorizedWhy is the price of Chiliz (CHZ) soaring today? Did Chiliz...

Why is the price of Chiliz (CHZ) soaring today? Did Chiliz Chain 2.0 ignite a bull market in cryptocurrencies?

Chiliz, one of the most popular NFTs, disappeared quickly after reaching highs. However, since the platform announced the release of a public testnet called “The Scoville” for Chiliz Chain 2.0, the CHZ price has suffered significantly. Chiliz Chain 2.0 is the Layer 2 chain of Chiliz, a semi-decentralized blockchain for sports and media organizations.

The network upgrade is divided into several stages, each with their own significance and importance. Currently, the network is ready for the fifth phase of deployment called “Pequin,” which includes the launch of a cross-chain CHZ bridge.

𝙿𝚑𝚊𝚜𝚎𝟻 | 𝙿𝚎𝚚𝚞𝚒𝚗

Pequin pepper is a type of pepper commonly used as a spice Varieties of peppers. Pequin peppers are very hot, typically 5-8 times as hot as jalapenos on the Scoville scale (30,000 to 60,000 units).

𝚂𝚌𝚘𝚟𝚒𝚕𝚟𝚒𝚕𝚕𝚎𝙵𝚕𝚎𝙵𝚊𝚌𝚝𝚘𝚛: 🌶🌶️🌶️🌶️🌶️🌶️🌶️🌶️ /UUDM7MZ5X6

– chiliz ($ chZ) – Provide power for (@ (@ (@ ( Chiliz) August 15, 2022


According to the official Twitter account , the Pequin update will be 5 to 8 times hotter than the previous Jalapenous update. This upgrade, which provides cross-bridge functionality for the native token CHZ, will be the final update in the Scoville Public testnet.

READ ALSO: Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) price predictions for the day

How high might CHZ price go in August 2022?

The price of Chiliz has long been trading in a downtrend, with the asset attempting a parabolic rally to hit key resistance at $0.33 since the May crash. Prices on the higher time frames are testing the key 50-day SMA level and are closer to clearing immediate resistance at $0.23


As mentioned before, CHZ price is going through a parabolic rally and may rise to $0.28, Is the neckline of the curve. Here, the asset could encounter bearish action, which could create a cup and handle pattern. After a small retracement, CHZ price could rise above $0.33 and test $0.4 further in the next 15 to 20 days.

However, when the monthly close is approaching, the asset may increase its volatility and attempt to break out of resistance. Additionally, the upcoming upgrade may attract more liquidity into the platform, which may prevent the price from falling sharply in the event of a correction. Ultimately, the asset is very bullish and will see a major upgrade until the end of 2022.

READ ALSO: Dogecoin Prepares for New Network Update, Will DOGE Price Hit $0.1?

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