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Chiliz Forecast – Can CHZ rise again?

 


The Bitcoin price has crashed to around $17,600 in the last few days. However, the price has now corrected back to $20,200 and it is just above the $20,000 support. This crash resulted in some altcoins crashing onto various supports. But what about the Coin Chiliz? We will provide you with an up-to-date Chiliz forecast today.


Will Chiliz rise again?

The crypto market currently appears to be in consolidation mode after a major crash. Nevertheless, on the one hand we have positive news related to blockchain development. On the other hand, Chiliz's technical construction shows a slight recovery in the coming days. Prices have gained a sizeable range between $0.10 and $0.12. As a first target, we expect Chiliz price to rally to $0.18. This would mean an increase of 50%.


Weekly chart of the Chiliz course

It is also necessary to always set a stop loss when trading. A suitable SL for this particular trade would be just below the $0.10 price depending on risk tolerance and risk management. Looking at the weekly chart, a downward correction is likely once prices touch $0.20.

It is still too early to predict anything. The market has not yet fully recovered. Still, there are some promising announcements from the Chiliz project. Chiliz recently unveiled a new development of the Chiliz protocol. “Jalapeno” is the new update that includes a DEX called PepperSwap where users can swap tokens and fill out test surveys as part of a governance protocol.


Chiliz also announced a head2head burn competition. This is primarily a combustion tool that changes the tokenomic over time by reducing the number of tokens in circulation. This leads to an increase in price if demand remains constant. Additionally, users can analyze how a team's victory translates into its token pool, with higher-performing teams burning more tokens. Due to the lower circulating supply, the Head2Head-Burn approach could potentially add value to select teams.

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