The CHO token has continuously appreciated in value for the past three months, rising by almost 699%. This substantial increase in value is attributed to various factors, including the recent listing on the BingX exchange, which can draw millions of eyes to the project and enhance CHO's liquidity. However, considering other factors that could positively affect the token's price and what the technical indicators show, is there room for further upside?
Highlight of the Week: BingX Listing and CHO Listing Carnival
After the announcement about listing CHO on BingX was made on April 18, things unfolded pretty quickly. The CHO deposits were opened on April 24, followed by a special trading event that kicked off the same day – the CHO Listing Carnival. And, finally, the CHO/USDT trading pair became available for trading on April 25.
The CHO Listing Carnival introduces potential rewards for participants and features a generous 333,333 CHO prize pool. Users who deposit a minimum of 1,000 CHO (about 100 USDT) will receive a 10% cashback from a pool of 166,666 CHO. Each user can earn up to 315 CHO, but they need to complete at least 100 USDT worth of CHO/USDT trading to qualify. Additionally, users who engage in CHO spot trading worth 100 USDT or more can share another prize pool of 166,667 CHO, with a maximum reward of 1,000 CHO per person.
The event will continue until May 1, 2024. All rewards will be distributed within seven days after the CHO Listing Carnival ends. Vladimir Gorbunov, Choise.ai’s founder, emphasized that offering such enticing incentives was part of Choise.ai’s user-centric philosophy, aiming to reward the ecosystem’s most loyal community members.
Landing a spot on a leading crypto exchange with a vast user base and hefty trade volumes is quite the victory for CHO. Such moves pump life into any project – the token becomes easier to trade, impossible to miss out on, and suddenly everyone wants in. By centering everything the team does around their community's needs and desires, Choise.ai team sparked an electric sense of anticipation throughout the crowd that sees even the slightest drop as a chance to bag more tokens.
Underscoring this overall positive sentiment surrounding CHO, Mags, a crypto analyst quite popular on X, recently discussed the token's performance in a recent post on CoinMarketCap. He mentioned accumulating CHO and expressed bullish anticipation, fueled by emerging rumors that Choise.ai might develop its own blockchain.
Breaking Down Other Drivers Behind CHO’s Three-Month Rally
Initially, CHO served as the native currency for Choise.com, but its role has since evolved to become the cornerstone cryptocurrency for Choise.ai.
Choise.com shifted its focus towards the B2B space and merged with Vault, already operating in the B2B sphere and securing multi-million dollar deals, to establish Choise.ai, a cutting-edge Web3 digital banking development ecosystem, which will utilize CHO as the fuel for its growth.
CHO stakers will actually earn up to 20% of Vault's revenue in special VLT tokens, which are slated for launch within the next 30 to 60 days. These tokens will be initially restricted from trading on exchanges and will be exclusively available to the CHO/VLT community, cherry-picking the project’s loyal supporters.
Another positive thing for CHO was the expansion to the Binance Smart Chain, offering users the option to make transactions at lower costs. To celebrate this, Choise.ai's team has decided to hold a $500,000 lottery for everyone who transfers CHO to BSC wallets.
Last but not least, Choise.ai announced the development of Tringlr, a hybrid SMPC technology that will serve as a base for the most secure digital wallet ever. Tringlr will be integrated into the Choise.ai and partners’ solutions, with CHO as its core token used to perform transactions and incentivize so-called secure agents to validate legitimate operations as part of Tringlr’s multi-layered security system. This is another thing that enhances CHO’s utility and has the potential to impact its price positively in the long term.
CHO Weekly Technical Analysis
Currently, CHO is trading at around $0.083. Over the past week, the price fluctuated, reaching lows of $0.07 and highs of $0.09. The RSI at nearly 45 indicated that the token was in a neutral position; it was neither overbought nor oversold.
Moving further, we can see that the 20, 50, 100, and 200-day EMAs are all closely aligned, averaging in a narrow range between $0.085 and $0.088. In other words, all of the exponential moving averages are currently acting as support levels. Even if CHO's price dips at some point below this level, there is a high probability that it will quickly recover.
Price consolidations are a normal thing in crypto, and, like every other token, CHO has experienced a few corrections in April. However, the price rebounded swiftly after each downturn. Considering the current circumstances, it's almost common sense to anticipate it rising back above $0.085.
What’s Next For CHO?
Over the past month up to today, CHO has surged by nearly 41% in value. On April 9, CHO even reached an all-time high (ATH) of $0.143 before entering a regular cooldown period; perhaps the calm before the storm. So, where do we anticipate CHO's price heading next?
Considering the EMAs previously discussed and the developments in Choise.ai, if the current level holds, the next resistance is at $0.109, followed by another at $0.128, and then the third at the previous all-time high. The support level at $0.762 provides a strong base for this potential upswing.
And, if what Mags, the analyst previously mentioned, turns out to be true and Choise.ai really gets to shake the market with sudden revelations, then we could easily see that upside to $0.109 and beyond.
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.
