• Mon. Jul 15th, 2024

CHZ rallies by 8% after Chiliz announced the Scoville Testnet Phase 4 is now live

Chiliz is outperforming the broader cryptocurrency market after the team rolled out an important update yesterday.

CHZ, the native coin of the Chiliz blockchain, has been performing well over the last few hours. The coin is up by 8% in the last 24 hours.Β 

The rally comes after the Chiliz team announced that the Scoville Testnet Phase 4 (called CAYENNE) is now live.Β 

The team also introduced the Chiliz Chain 2.0 Developer Guide & GitHub repo, containing all the information developers would need to start building a local node.

Last week, Chiliz and Socios.com CEO Alexandre Dreyfus, revealed in an interview that the companyΒ grew its staff by 70% despite the bear market.Β 

CHZ’s positive comes as the broader cryptocurrency market starts to retrace. After performing positively yesterday, the crypto market has lost less than 1% of its value so far today. The total crypto market cap now stands at $929 billion.

Bitcoin is also down by less than 1% in the last 24 hours but has maintained its position above the $19k mark. Ether, the second-largest cryptocurrency by market cap, is up by less than 1% so far today and continues to trade above $1,300.

Key levels to watch

The CHZ/USD 4-hour chart is bullish, as Chiliz has been performing well over the last 24 hours. The technical indicators show that CHZ is outperforming the broader crypto market today.

CHZ/USD Chart By TradingView

The MACD line is above the neutral zone, indicating that the bulls are currently in control of the Chiliz market. The 14-day RSI of 63 indicates that CHZ is heading into the overbought region.

At press time, CHZ is trading at $0.19316 per coin. If the bullish momentum continues, CHZ could surge past the first major resistance level at $0.21637.Β 

However, it would need the support of the broader crypto market to reach the $0.2582 resistance level for the first time in a month. Β 

With the broader crypto market currently underperforming, CHZ could also retrace and trade around the $0.16955 support level in the near term.Β 

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