CHO tokens have continued to rise in value over the past three months, rising nearly 699%. This significant increase in value is due to a variety of factors, including the recent listing on the BingX exchange, which could attract millions of eyes to the project and improve CHO’s liquidity. However, considering what other factors and technical indicators are showing that could have a positive impact on the token price, is there room for further upside?
Highlights of the Week: BingX Listing and CHO Listing Carnival
After the announcement of CHO’s listing on BingX on April 18, the situation unfolded quite quickly. CHO Deposits opened on April 24, the same day a special trading event, the CHO Listing Carnival, began. And finally, on April 25th, the CHO/USDT trading pair became available for trading.
The CHO Listing Carnival offers potential rewards to participants and a generous 333,333 CHO prize pool. Users who deposit at least 1,000 CHO (approximately 100 USDT) will receive 10% cashback from a pool of 166,666 CHO. Each user can earn up to 315 CHO, but must complete a CHO/USDT transaction worth at least 100 USDT to qualify. Additionally, users who participate in CHO spot transactions of 100 USDT or more can share in another prize pool of 166,667 CHO, with rewards of up to 1,000 CHO per person.
The event continues until May 1, 2024. All rewards will be distributed within 7 days of the end of the CHO Listing Carnival. Vladimir Gorbunov, founder of Choise.ai, emphasized that offering such attractive incentives is part of Choise.ai’s user-centric philosophy, which aims to reward the most loyal community members of the ecosystem.
Establishing a place on a leading cryptocurrency exchange with a broad user base and massive trading volume is a huge win for CHO. This movement brings every project to life. Tokens become easier to trade, impossible to miss, and suddenly everyone wants to participate. By focusing everything the team does on the needs and desires of the community, the Choise.ai team has created an electric sense of anticipation. The crowd as a whole sees even the smallest drop as an opportunity to bag more tokens.
Highlighting this overall positive sentiment surrounding CHO, Mags, a fairly well-known cryptocurrency analyst at X, recently discussed the token’s performance in a recent post on CoinMarketCap. He commented on CHO accumulation and expressed optimistic expectations as rumors spread that Choise.ai might develop its own blockchain.
Analysis of other drivers behind CHO’s three-month rally
Initially, CHO served as the base currency for Choise.com, but has since evolved into Choise.ai’s cornerstone cryptocurrency.
Choise.com shifted its focus to the B2B space and merged with Vault, which already operates in the B2B space and secured multi-million dollar deals, to create Choise.ai, a cutting-edge Web3 digital banking development ecosystem leveraging CHO. It becomes the driving force for growth.
CHO stakers will actually earn up to 20% of their Vault profits in special VLT tokens, which will be released in the next 30-60 days. These tokens will initially have limited exchange trading and will be available exclusively to the CHO/VLT community to select loyal supporters of the project.
Another positive aspect of CHO is its expansion to Binance Smart Chain, giving users the option to trade at lower costs. To celebrate, the Choise.ai team has decided to give away a $500,000 lottery prize to anyone who transfers CHO to their BSC wallet.
Finally, Choise.ai announced the development of Tringlr, a hybrid SMPC technology that will serve as the foundation for the most secure digital wallet ever. Tringlr will be integrated into solutions from Choise.ai and its partners through CHO, the core token used to conduct transactions and provide incentives for so-called security agents to verify legitimate operations as part of Tringlr’s multi-layered security system. . This is another factor that can improve the usefulness of CHO and have a positive impact on its price in the long run.
CHO Weekly Technical Analysis
Currently, CHO is trading around $0.083. Over the past week, the price has fluctuated, reaching a low of $0.07 and a high of $0.09. An RSI of almost 45 indicates that the token is in a neutral position. It was neither overbought nor oversold.
Going further, we can see that the 20-day, 50-day, 100-day, and 200-day EMAs are all closely aligned and are in a tight range averaging between $0.085 and $0.088. In other words, all exponential moving averages are currently acting as support lines. Even if the price of CHO falls below this level at some point, it is likely to recover quickly.
Price consolidation is common in cryptocurrencies, and like all other tokens, CHO experienced several corrections in April. But whenever prices fell, they bounced back quickly. Given the current situation, it’s almost common sense to expect it to rise back above $0.085.
What’s next for CHO?
Over the past month to today, CHO’s value has surged nearly 41%. On April 9, CHO also reached an all-time high (ATH) of $0.143 before entering a regular pause. Perhaps it is the calm before the storm. So where do you expect CHO’s price to head next?
Considering the previously discussed developments at EMA and Choise.ai, if current levels hold, the next resistance will be $0.109, another resistance will be $0.128, and the third will be the previous all-time high. The support level at $0.762 provides a strong foundation for this potential uptrend.
And if what the analyst previously mentioned Mags turns out to be true and Choise.ai does indeed shake up the market with its sudden revelations, we could easily see upside above $0.109.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.