January 2023 Top 5 Altcoins to Watch

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Top 5 Altcoins to Watch in January 2023: The Coti (COTI) hard fork went live on Dec. 29, while the Flare airdrop will finally go live on Jan. 9. The Chiliz (CHZ) mainnet will launch in the first quarter of 2023.

Ergo (ERG) continues to reduce its emissions while the Ethereum (ETH) annual inflation since the merge is at 0.014%, a considerable decrease from its 3.57% pre-merge inflation.

Chiliz (CHZ) Leads Altcoins To Watch

  • Price: $0.10
  • Market Cap: $636,517 million
  • Rank: #52

Chiliz is a digital currency used in the sports and entertainment industry. It is the native token of the Socios platform, home to various Football national team fan tokens. While the CHZ price was expected to increase during the 2022 FIFA World Cup, it failed to do so and actually decreased considerably.

Nevertheless, there is positive upcoming Chiliz news. The Chiliz mainnet 2.0 will launch on Dec. 31 or early Q1 2023. This follows phase 5 of testnet, which was released at the end of November and introduced staking and governance on the Scoville testnet. Chiliz 2.0 will be the successor of the Chiliz chain, a self-sovereign blockchain that is compatible with the Ethereum Virtual Machine (EVM). CHZ will still be the native token of Chiliz Chain 2.0, and will be used to pay gas/invoke smart contracts, perform cross-chain operations, and secure the network.

The CHZ price has fallen since breaking down from an ascending support line on Dec. 8 (red icon). Shortly afterward, the downward movement caused a breakdown from the $0.135 horizontal support area. This led to a low of $0.101 on Dec. 2021.

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If the downward movement continues, the next closest support area would be at $0.090. While there are no bullish reversal signs in place yet, the daily RSI is very close to an all-time low (white line). As a result, a significant bounce may follow once the CHZ price falls to the $0.090 support area.

Reclaiming the $0.135 area would mean that the trend is bullish, while a close below $0.090 would indicate that the trend is bearish instead.