Recently, Chiliz (CHZ) revealed the launch of Phase 4 of Scoville Testnet. The new development meant another step toward the Chiliz Chain2.0, an update that will help the blockchain become a more interoperable and open successor of the present Chiliz Chain.
Meanwhile, CHZ’s price reacted to the testnet launch by surging on the charts. The alternative token gained approximately 5% within the past 24 hours. While writing this content, the alt traded near $0.1936, with its market cap at $1.15 billion. Chiliz investors enjoyed better news as multiple on-chain indexes highlighted further price hikes within the upcoming days.
Stars Aligned in Favor
Chiliz maintained favorable on-chain metrics, increasing investor faith. For instance, the token’s MVRV soared substantially within the past week. Also, the alt’s volume followed similar trends. Furthermore, Chiliz’s network growth embarked on uptrends on October 23, 2022.
The asset’s 24hr active addresses also increased on October 25 – a positive signal for the blockchain. Surprisingly, CHZ’s NFT marketplace remained heated, being among the leading NFT collection as far as social activity is concerned on October 24.
Also read:Nevertheless, that didn’t reflect on the metrics. Santiment confirmed that CHZ’s NFT trades declined within the past seven days.
Investor Excitement
Moreover, CHZ showed resistance at $0.193554 for about two weeks. Meanwhile, the alternative token had overpowered its resistance during this publication, suggesting more price surges. Surprisingly, the Moving Average Convergence Divergence recorded a bullish cross, heightening the chances of more price upticks.
Also, the asset’s OBV soared within the past few days. Moreover, the MFI (Money Flow Index) recorded an upswing, heading beyond the neutral level – another bullish sign. Though the 20-day EMA stayed beyond the 90-day Exponential Moving Average, the gap appeared to have reduced, which could limit CHZ’s price from pursuing short-term upsides.
Meanwhile, the cryptocurrency market saw massive gains over the previous day. Bitcoin has conquered the $20,000 hurdle, changing hands at $20,848.05 during this publication. The bellwether asset gained more than 6% within the last 24 hours. Improved broad market cues pushed the global crypto market capitalization to $1.01 trillion, following a 6.26% 24hr gain.
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