Chia Coin Price: Bears Have Dominated the Price With a Breakdown

• Chia coin price has given a breakdown of the important support level.
• Bulls are facing multiple rejections from the 50-day EMA.

Launched in March 2021, the Chia (XCH) coin endeavors to be a global open-sourced, decentralized network. It aims to be a sustainable approach to blockchain technology with a smart transaction platform. This decentralized network operates a payment settlement system in the blockchain using Chia (XCH) their native currency.

Some Past Actions of the Chia Coin Price

Since the Initial coin offering (ICO), Chia has been in a consistent decline, reflecting the negative sentiments of the investors. In May 2021, the buyers increased the coin price up to 220% by taking positions from the $495.00 level. They failed to make a new resistance for the Chia. As a result, it declined further low.

In June 2022, buyers revisited the coin price as a result, the price surged more than 110% which created a positive hope for the Chia investors. Subsequently, as per the positive hope for potential buying, investors came back to the pivotal level at $28.01.

However, this time they failed to create the required impact on the Chia coin price. As a result, the $28.01 pivotal level was broken down by bearish sentiments in the price. At present, the fall of more than 55% has crippled the coin price causing struggles.

The total market capitalization of the Chia XCH coin stands at approximately $192,618,676 along with a total circulation supply of 8,782,927 XCH coins.

Technical Analysis of the XCH Coin

Chia coin price is performing below the 50-day EMA and the 200-day EMA, which displays a downtrend. Currently, the 50-day EMA has become strong resistance for the bulls without any sign of crossover. At present, the 50-day EMA is at the level of $25.55 and the 200-day is at $31.31.

Since this year, the Chia coin price has been trading within a descending channel, which shows some probability of the direction. Recently, the positive holding support of $28.01 has broken down by the Bears, resulting in future declines. At press time, price has successfully retested the breakdown level. Now, it is moving to make a new low for the Chia currency. However, the coin price may make an impulsive bullish rally in early 2024. In addition, the important resistance would be the $34.59 level.

Moreover, the relative strength index (RSI) is giving some bullish indications. Although, by co-relating the price chart, it could be a false signal. The RSI is moving at 38.52 from the oversold region below the 30-mark.

Conclusion

Overall the Chia coin price is moving in a downtrend by facing strong resistance from the 50-day EMA. At press time, the price has successfully retested the breakdown level. Now, it is moving to make a new low for the Chia currency. However, the coin price may make an impulsive bullish rally in early 2024. In addition, the important resistance would be the $34.59 level. 

Technical Levels

• Resistance levels: $28.01 and $37.57
• Support levels: $20.53 and $15.50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.