Two weeks ago, we delved deep into the technical analysis of CHO, a token that's been buzzing loudly in the crypto community for the past three months, and even more so since its listing on BingX at the end of April. With its remarkable 522% percent surge up to this day, we're circling back to the same question: has the fervor surrounding it swamped, or are there signs of further ascent from these levels?
RSI Lines Close to Crossing; Rebound Imminent?
CHO is currently trading at $0.06548, with RSI lines edging ever closer to a potential crossover. Typically, when this technical indicator is complemented by other technical indicators, it signals an imminent price rebound. With RSI hovering around 30, CHO is deemed to be in the oversold zone, suggesting a gradual easing of selling pressure and a likely upturn from current levels.
RSI Divergence Also Pointing Out That A Rebound Is About to Kick In
Similar to RSI, the RSI divergence indicator can also give us an idea of the direction of CHO's price movement. Obviously, this indicator is currently standing at 28, confirming the token's oversold condition and signaling a probable rebound.
EMAs Converging Indicates a Strong Potential for Trend Reversal in CHO
While RSI indicators can give us reliable insights into the next movement of the CHO token, we still need additional confirmations of the trend, and EMAs could provide us with just that. Upon examining the chart, we notice the crossover of two EMAs, the 20-day EMA and the 50-day EMA, indicating a highly probable uptick for CHO from its current level.
Significant Increase in Trading Volume Indicates Buyers are Entering
Finally, we clearly see that CHO's trading volume has increased over the last 24 hours. This somewhat aligns with the technical indicators we mentioned above, suggesting oversold conditions for the token. CHO has already witnessed a price rebound from $0.0632 to the current level, which can also suggest further growth in the following days.
Choise.ai Tiptoeing Towards Own Blockchain Launch?
In the moments leading up to the BingX listing, murmurs spread through the CHO community, hinting at Choise.ai's forthcoming blockchain launch. Influential figures in the crypto sphere, key opinion leaders and thought pioneers, such as Crypto GVR and Mags (both having more than 70,000 followers on Twitter/X), have joined this discussion, too, openly speaking about how they were buying the token themselves after the pullback.
Source: CoinMarketCap
In one of their recent tweets, Choise.ai talked about different blockchains like ERC20, Solana, and BSC, pointing out what's good and bad about each. It's almost like they're dropping hints about their own blockchain coming soon. And, launching its own blockchain would definitely enable greater autonomy, scalability, and customization in Choise.ai's operations.
By the way, CHO has been launched on the BSC network, and the team has set up a $500,000 token pool as a lottery prize for CHO owners who transfer their tokens to BSC.
According to the banner displayed on Choise.ai, anticipation mounts for the big reveal in just 4 days. Speculation suggests a potential blockchain launch, yet with this team's penchant for surprises, it could be anything. Regardless of the nature of the announcement, whether it's blockchain-related or otherwise, the CHO community and the token itself have consistently responded positively to such news. Given this track record, it's likely that the reaction will be similarly upbeat this time around as well.
So, the price of the CHO token could easily move up toward the next resistance at $0.0768, though it's considered a relatively weak barrier. Beyond that lies the potential to surpass $0.085 and even rise above $0.092.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
