Chiliz price jumps by nearly 11% following launch of $50 million incubator and accelerator program

• Chiliz Labs has been set up to invest in and support early-stage blockchain projects to grow the web3 sports industry.
• The program will be backed by Jump Crypto to provide strategic guidance and funding for innovative blockchain projects.
• Chiliz price was met with a positive reaction as right after the announcement, the price shot up by 11.11%.

The crypto market is a rapidly growing industry with innovations taking place every now and then. One such innovative project is Chiliz, which pioneered the fan token service and is also now contributing to the industry with its newfound Chiliz Labs.

Chiliz x Jump Crypto

In an announcement on Wednesday, Chiliz launched a $50 million incubator and accelerator programme called the Chiliz Labs. Backed by Jump Crypto, Chiliz intends to use this programme to foster early-stage blockchain projects in the community.

The supported projects would be the ones looking to leverage the new Chiliz blockchain for sports and entertainment.

Chiliz Labs will also build an ecosystem for entrepreneurs and developers. Commenting on the same, the Chief Executive Officer of Chiliz and Socios.com, Alexandre Dreyfus, stated,

“Developers choosing the Chiliz Chain to build their new innovative projects is central to our vision, allowing us to build an ecosystem of fan experiences and transactions… Chiliz Labs is a central pillar of this strategy and we look forward to welcoming some of the most promising, viable, and innovative projects in the blockchain space to the Chiliz Chain.”

Chiliz price takes a hike

Chiliz price noted some bullishness right after the announcement of the accelerator programme as the cryptocurrency rallied by almost 11.11% during the intra-day trading hours. The price, however, came back down to $0.136 at the time of writing, rising by less than 4% in the last 24 hours.

Even though Chiliz price noted considerable growth at the beginning of the year, CHZ in the last three weeks has observed consolidation. The altcoin has been oscillating between the critical support at $0.122 and the immediate resistance at $0.145.

CHZ/USD 1-day chart

If the resistance level is breached and the cryptocurrency manages to flip the critical resistance of $0.158 into a support floor, it would be able to break free of the consolidation and rally beyond $0.160.

However, if the price declines further and the critical support level is lost, CHZ could end up falling below $0.120. This would invalidate the bullish thesis, pushing the price toward $0.115.