CHZ Price Up +6% as Binance Announces Support for Chiliz 2.0 Mainnet Integration and Swap

Key takeaways

• Binance announces that it will support an automatic token swap as part of its Chiliz 2.0 integration
• CHZ has climbed 7.32% in the past 24 hours, CoinCodex algorithm expects a major upside over the coming month
• If CHZ surges over the next 30 days, it could mark a double bottom for the token as it seeks to reclaim a multi-year resistance level

CHZ price surges, Binance announces Chiliz 2.0 mainnet integration

Chiliz (CHZ) has enjoyed fruitful price action over the past 24 hours, climbing 7.32% before retracing. The project launched a mainnet upgrade earlier in 2023 as a fork of BNB Chain which uses a new token standard, CAP20, to support the sports and entertainment cryptocurrencies that can be found within the ecosystem.

Binance announced today that it will integrate the Chiliz 2.0 mainnet. All Chiliz-based tokens that are held on Binance, including the CHZ native token and every fan token, will automatically be swapped to the CAP20 token standard from their existing BEP2, BEP20, and Chiliz Legacy Chain addresses.

? @Binance will support the Chiliz 2.0 Mainnet Integration and Swap

The Sports Blockchain_ is coming to major exchanges. ?

Get ready to unlock the full potential of Chiliz $CHZ, the native token of Chiliz Chain. ?⛓️#ChilizChain ⚡️ $CHZhttps://t.co/Ji5iOMiiFm

— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) August 30, 2023

CHZ has jumped 7% in the past 24 hours, following bullish price action from the rest of the cryptocurrency markets. In the same timeframe, Bitcoin (BTC) climbed 8.32% as news broke of Grayscale’s victory in US courts over the Securities and Exchange Commission (SEC).

What do Chiliz token holders need to know before the swap?

Binance will handle all the token migrations for its users automatically. Any Chiliz-based token that is held on the exchange will be swapped at a 1:1 ratio for the CAP20 equivalent. The swap will involve the CHZ token and all fan tokens. A full list of the tokens involved in the swap can be found in Binance’s recent announcement.

In short, users holding tokens on Binance don’t have to do anything to have their tokens migrated to Chiliz 2.0. However, it’s important to note that deposits and withdrawals from BEP2, BEP20, and Chiliz Legacy Chain addresses will be halted once the swap and integration have been completed.

CHZ price surges, the algorithm predicts a 200% rise over the next 30 days

The CoinCodex algorithm has predicted a major move for CHZ, indicating that its recent surge is only just beginning. In total, the algorithm expects CHZ to rise more than 3x — from the current price of $0.0637, CHZ is expected to climb 202.37% to hit the $0.195 price level by 29th September.

CHZ has now successfully broken above its 55 EMA on the 4-hour timeframe and has, so far, held this line as support. This support is confluent with the 23.60% Fibonacci retracement level when measuring from CHZ’s monthly high in July to its most recent low.

The algorithm expects CHZ to reclaim a key level of resistance that has formed during the bear market. $0.165 has been an important level for CHZ since 2021 — initially forming support after reaching an all-time high, and later becoming resistance after falling below in 2022.

CHZ may now have formed a double-bottom during 2023, and the algorithm’s expected surge would take the token back above this resistance for the first time since February this year.

Bottom line

The recent move from Chiliz to migrate its sports and entertainment blockchain to a purpose-built network could mark the beginning of a new era for the ecosystem. Chiliz will use a new token standard that is modeled on Ethereum’s ERC20, enabling sports clubs and other institutions to create exciting fan experiences through the blockchain.

Binance’s integration for Chiliz 2.0 will mean that users can no longer access services through BNB Chain or Chiliz Legacy Chain, which is expected to keep all user activity concentrated on 2.0.

With a double bottom potentially now being found for CHZ, and more network activity being encouraged by Binance, the token looks set to post strong gains over the coming weeks and months.