CHZ Face Minor Dip Despite Chiliz’s ‘No More Governance Hurdles’ Announcement

Chiliz recently announced on X that they recently added development as part of their “mission to bring blockchain technology to the world of sports and entertainment.” During the announcement, it mentioned that there would be no more “governance hurdles for developers.”

With this feature, Chiliz is hoping to help developers create fan-centric applications, explore innovative solutions, and craft unique experiences. It seems that Chiliz will be protecting the users and partners through the ‘The Blacklist’ function. Apparently, Chiliz Chain’s blacklist is expected to protect “users and partners from IP infringement, threats, and fraud.”

Despite its announcement, CHZ, the native token for the Chiliz ecosystem, witnessed a 3.55% fall in 24 hours, pulling it back into the red-zone category. However, CHZ is still able to maintain a double-digit surge of 10.42% over the week. With a circulating supply of 7,565,079,839 CHZ, Chiliz’s native token is able to record a market cap valued at $488,485,968.

CHZ/USDT 1-Day Chart (Source: TradingView)

Looking at the CHZ/USDT 1-Day Chart, the candlesticks are currently trading in the red zone as they face a retracement. Earlier, the candlesticks were moving upwards while hugging the upper band, which could be analyzed as an overbought momentum. Meanwhile, the RSI shows that a bullish crossover is happening as the indicator crosses above the SMA.

Like CHZ, several other altcoins also experienced a bullish sentiment caused by BTC’s optimistic trading pattern. Currently, analysts suspect a bullish crossover may come into the picture sooner or later, which could further drive the altcoins, including CHZ, upwards.

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