Sun, June 16, 2024

Chiliz (CHZ) Surges 76% Ahead of Dragonfly Hard Fork

Cryptocurrency

Quick Look:

  • Chiliz (CHZ) sees a 76% rise from April’s low, trading at $0.15212.
  • Dragonfly Hard Fork enhancements include inflation adjustments and developer tools, postponed from May 21.
  • Bullish trends with MACD above neutral and RSI overbought, targeting $0.20.

Chiliz (CHZ) is experiencing a significant surge in its market value, reaching its highest price level since April 9. The cryptocurrency is now recognised as the best-performing altcoin. Besides, it has seen an impressive 76% increase from its lowest point in April. Now, the market anticipates the forthcoming Dragonfly Hard Fork. Meanwhile, the excitement around CHZ continues to build.

Dragonfly Hard Fork: 8% Inflation Rate, Postponed Launch

The Dragonfly Hard Fork, set on the Chiliz network, aims to enhance the platform’s capabilities within the sports and entertainment industry. This upgrade introduces several key features, including a structured annual inflation rate starting at 8% and gradually decreasing to 1.88% over 14 years.

Additionally, developers will benefit from new opcodes, precompiles, and tools designed to facilitate DApp development. Furthermore, integrating Type-2 transactions aligns with Ethereum’s EIP-1559 to improve efficiency and cost predictability.

CHZ Market Cap Hits $500M, Price Up to $0.15

Market data reflects the growing interest in CHZ and its associated fan tokens, with a market cap of $500 million. The price of CHZ has risen sharply from an April low of $0.085 to $0.15, marking the highest swing since early April. Key resistance points for CHZ are identified at $0.1320 and $0.1600. Technical indicators suggest a bullish trend, with the price staying above the 50-period and 25-period EMAs. The MACD is above the neutral point, and the RSI indicates an overbought level, pointing to a price target of $0.20.

On CoinMarketCap, Chiliz holds the 70th position with a market cap of $1.346 billion. The intraday surge of 3.23% and a 24-hour trading volume increase of 48.52% to $314.521 million underscore the heightened trading activity and investor interest.

77% of CHZ Holders Retain Investments Over a Year

A closer look at the holder composition reveals that 77% of CHZ holders have maintained their investments for over a year. Recent transactions amounting to $101.42 million in the past seven days highlight substantial transaction values, often exceeding $100,000 per transaction.

New partnerships and collaborations further bolster Chiliz’s market position. In the second week of May 2024, Chiliz announced a partnership with SBI Digital Asset Holdings to introduce fan tokens in the Japanese market. Another notable collaboration is with Naver Pay, a major Korean digital payment platform with 33 million registered users and 18 million daily users. This partnership aims to simplify the process of purchasing fan tokens for Naver Pay users.

CHZ Price Up 20.41% in Week, Targets $0.1600

The recent price increase of 20.41% over the past week, with CHZ currently trading at $0.15212 despite a daily loss of -1.16%, reflects this digital asset’s volatile yet promising nature. Analysts predict potential price targets for CHZ, with an initial goal of $0.1600. If the primary resistance level of $0.2200 is surpassed, the price could climb to $0.3000.

Indicators such as the MACD’s bullish crossover and an RSI of 68.79, supported by the 14-SMA smoothened line, suggest continued upward momentum. However, investors should be cautious of potential downside risks. Failing to breach key resistance levels could lead to a decline below the current upward trendline.

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