How the launch of the Chiliz NFT collection could offer therapy for CHZ investors

• Chiliz would launch its Scoville NFT soon after the final Testnet phases.
• Active addresses increased, but there was no guarantee of a CHZ rise.

According to the official Chillies [CHZ] Twitter page, it will launch an NFT collection in less than 48 hours from press time. For context, the Scoville NFT collection forms part of the project’s plan to move to Chiliz Chain 2.0.

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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) – Powering Socios.com ⚡ (@Chiliz) 29 January 2023

Realistic or not, here it is CHZ’s market value in BTC terms

CHZ: To offer a remedy?

Remember that the blockchain-based project had partnered with Chainlink [LINK] in 2020 to promote NFT coinage via its network.

However, the case for this NFT collection paves the way for the Scoville Testnet phase that will offer users enterprise-level blockchain solutions.

The Chiliz communication also noted that the digital collectibles would have seven different rarities. And this comes after Spicy Tesnet success on January 25.

As the event approaches, CoinMarketCap showed that the CHZ value increased by 2.08% in the last 24 hours. In the same way, the trading volume in the same period followed an increase.

With a 38.47% 24-hour uptrend, it meant that a relatively good number of transactions occurred via the Chiliz network. But will the NFT launch come with a better CHZ performance?

According to the daily chart, the token was unlikely to continue its rally in the short term. This was because of the indications from the exponential moving average (EMA).

At press time, the 50 EMA (orange) was stationed above the 20 EMA (blue), although the latter closed in on the former.

Regardless of a case where 20 crosses 50, a significant price increase was largely unlikely. Additional price action from the Directional Movement Index (DMI) above painted a different scenario for CHZ.

At the time of writing, positive DMI (green) was 29.95. The negative (red), on the other hand, was 11.86. Such a wide margin means that buyers have market control. With the Average Directional Index (ADX), in yellow, mostly above 25, it could provide an uptrend opportunity for CHZ.

Source: TradingView

How many are 1,10,100 CHZs worth today?

NFT volume is volatile but…

However, it is not certain that the indicators alone are the only determinants of possible performance. Previously launched NFT collections involving projects such as Polygon [MATIC] and Axie Infinity [AXS] were no guarantees of improved token performances.

In addition, data comes from Sentiment revealed that NFT trading volume on the Chiliz network reached its highest level since January 20. Still, this was no confirmation of increased interest, especially since sales were not yet impressive at press time.

But on the bright side, Chiliz has received many active addresses in the last 24 hours. At the time of writing, the count was incredibly high at 3013. This suggested that many unique users had sent or received tokens using Chiliz.

Source: Sentiment