Chiliz’s network upgrade could exponentially increase demand. The short-term CHD outlook remained weak, but the long-term outlook got much better.
The Chiliz [CHZ] network was undergoing a major network upgrade at the time of writing. According to an update from founder Alexandre Dreyfus on January 26, Chiliz 2.0 would introduce several positive changes.
The launch of @chiliz chain 2.0 – a curated blockchain for the sports and entertainment industry is coming. Staking, DEX, Whitelisting, New NFT Standard, Memorabilia Certification, Fan Tokens and much more… with the help of 150 sports teams + 2 million users. Stay tuned. $CHZ https://t.co/mqK245SoxA
— Alexandre Dreyfus (@alex_dreyfus) January 26, 2023
Read Chiliz’s [CHZ] Price Forecast 2023-24
These changes include memorabilia certification, a new NFT standard, a new DEX and staking, among others. The network upgrade was in phase six at the time of going to press, the final phase called Malagueta. Thus, the implementation of the aforementioned changes would be completed shortly.
But what do these changes mean and how will they affect investors and the value of CHZ? Well, the availability of a DEX and strike is perhaps the biggest news of all. This is because such developments have the potential to encourage long-term hodling. Such an outcome could also support CHZ’s question.
If this major upgrade of the Chiliz network is successful, CHZ could benefit from increased long-term demand. This move could bolster his long-term prospects. The network itself will benefit from increased utility, a move that could also support favorable investor sentiment.
What you can expect from CHZ in the short to medium term
CHZ was experiencing a slowdown in demand at the time of writing, despite current expectations regarding the Chiliz 2.0 upgrade. The press price of $0.13 represented a 10% discount from the monthly high.
Source: TradingView
CHZ’s cash flow indicated that there is a threat of more outflows, thanks to profit-taking, especially if overall market conditions are favorable to the downside. CHZ could avoid this if the upgrade triggered a resurgence in rising demand.
Recent days underline healthy social volume, but not enough to suggest a strong renewed interest in CHD. The number of daily active addresses also remained within the normal range, confirming that investors were not yet in a hurry to buy more.
Source: Sentiment
In addition, network growth fell to a new monthly low over the past two days. This confirmed the lower network activity, as evidenced by lower volatility over the past few days. CHZ’s distribution statistic confirmed that the demand side was also missing.
Source: Sentiment
How much are 1,10,100 CHZ worth today?
In addition, there was little buying pressure from the whales at the time of going to press. This meant that the short-term outlook may not really support a strong rise. It was still not clear if that would change once the Chiliz 2.0 upgrade was complete. Still, there were some favorable signs.
An example was the weighted sentiment metric, which was at the highest monthly level at the time of writing. This meant that investors were still very optimistic about CHZ’s prospects.
Source: Sentiment
This post Chiliz Chain 2.0 on the way: Measuring the effects on CHZ
was published first on https://ambcrypto.com/chiliz-chain-2-0-on-the-way-gauging-its-effects-on-chz/
