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The Bitcoin network is famous for its decentralized value transfer system, and Ethereum follows with a strong self-executing framework via its smart contract support. While hundreds of other blockchain projects have built their solutions around the two main projects, the Chiliz blockchain network introduced a new crypto ecosystem called fan tokens.

With the Chiliz blockchain, sports and entertainment teams are able to better connect with their fans via community-oriented tokens, which grant said fans access to exclusive club and community perks. The protocol is duly powered by the CHZ asset, one of the top-performing coins in the past 24 hours. However, is this a great time to buy CHZ?

CHZ Price Update

CHZ is currently one of the most impressive coins on the market. This token has racked up impressive gains in a space that includes names like Bitcoin and Ethereum, outperforming even the broader market and its most prominent coins.

Today, the crypto space is on the rise once more. With a market cap of $1.09 trillion, the market is currently up by 1.71% in the past 24 hours. Nevertheless, it appears that most of the larger coins are currently ranging and are unable to break through several major psychological resistance levels. CHZ has been a trailblazer – with a price of $0.1667, the asset’s price is experiencing an uptrend of a staggering 19.38% in the same period.

CHZ is now trading at its highest point since December 2022. And, with the market attempting to regain its bullish momentum, this asset could be poised for even bigger gains.

CHZ’s recent rally has also aided its price on the technical front. Except for the 200-day MA of $0.1750, the digital asset trades above all its moving average (MA) indicators.

A positive moving average convergence divergence (MACD) shows that CHZ is giving off a buy signal. However, investors should also pay attention to the asset’s relative strength index (RSI).

The metric, currently at 69.65, indicates that CHZ is rapidly approaching the overbought level. CHZ’s RSI has continued to rise with the asset’s price, indicating that investors have increased their focus on the asset.

Doubling Down on NFT Strategy

Chiliz is a new cryptocurrency network that aims to make it easier for individuals and brands to connect with their fans using Web3 as a medium. The platform leverages blockchain technology to make it easy for brands to create non-fungible tokens (NFTs), fan tokens, and other assets they can share with their fans and use to build online communities.

Companies and brands can collaborate with Chiliz to create these fan tokens and use them in different capacities, all of which should bolster engagement in the long run.

𝐂𝐡𝐢𝐥𝐢𝐳 𝐒𝐜𝐨𝐯𝐢𝐥𝐥𝐞 𝐍𝐅𝐓 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧 | 2 More Days ⏳

ℹ️ Will the NFTs have different rarities?

Yes, in total there are 7 different rarities. Each Scoville Testnet phase will have a different rarity.#ScovilleNFT ⚡️ $CHZ pic.twitter.com/M8wOFpZr0Y

— Chiliz ($CHZ) – The Sports Blockchain ⚽🏆 (@Chiliz) January 29, 2023

2023 has already started on a rather bullish note for Chiliz. Late in January, its developers announced their first NFT drop of the year, titled Chiliz Scoville. The collection is part of the network’s transition to Chiliz’s Chain 2.0, which should allow the network to provide its users and customers with more enterprise-level blockchain functions.

However, it appears to be a marketing campaign to boost adoption for the new chain, and as awareness and adoption grow, Chiliz should see improved fundamentals that can propel CHZ even higher.

CHZ Alternatives

Investors interested in purchasing CHZ should consider our carefully selected best altcoins for 2023. One such coin is MEMAG, whose presale has raised over $3.54 million in less than two months.

MEMAG is the native token for the Meta Masters Guild – a new play-to-earn innovative metaverse gaming platform built on Web-3 technology. The Guild is looking to create an ecosystem of standalone games, all of which will incorporate MEMAG in one way or the other.

Meta Masters Guild will debut with three games – Meta Kart Racers, Meta Masters World, and NFT Raid. Users on this platform will be able to earn profit in the form of Gems, an in-game currency, which can be exchanged for MEMAG and staked for additional benefits.

Another crazy milestone for the MEMAG community today!💥#MEMAGFAM has raised over $3.5 million🤯

If you haven't already, now is a prime opportunity to join the metaverse and become a member of the MEMAG family🫡⚔️https://t.co/SBqVjX5mWn #BlockchainGaming #Presale #P2E pic.twitter.com/Ob1mISpur0

— Meta Masters Guild Games (MEMAGX) (@MEMAGgames) February 8, 2023

The digital asset is currently in its sixth presale stage, with 1 MEMAG selling for $0.021. Value-driven investors should act quickly before the price increases to $0.023 in the next round.

Buy MEMAG