The Chia price has plunged 2.3% in the last 24 hours to trade at $14.78 as of 6:31 a.m. EST, driven by a 6.2% surge in trading volume to $11 million. The market cap is now at $202 million.
According to crypto analyst mojonario.xch on X, after the recent price increase, $XCH has been trading within a tight range, showing solid price action. If it continues to consolidate in this range, it could form a bullish flag pattern, indicating a likely continuation of the upward trend.
After this last bump, $XCH's price has been hanging out in a tight little price range. That's some solid price action right there. If it keeps chilling in that range for a bit longer, we're looking at a bullish flag—meaning it's probably gonna keep on climbing.#chia pic.twitter.com/qyahY11t2p
— mojonario.xch 🌱 (@mojonario) September 30, 2024
The chart in the tweet shows the XCH/USDT price action over a period, highlighting a consolidation phase. After an initial price bump, the price has moved sideways in a tight range, forming what resembles a bullish flag pattern. This flag is typically a continuation signal that indicates potential further gains if the price breaks above the range.
The consolidation area is boxed, and an upward arrow illustrates the possible direction of the next move. The overall implication is that if the price remains within this tight range and eventually breaks out upwards, it is likely to continue its uptrend. The chart also shows moving averages, which may be serving as support or resistance, although they aren’t explicitly labeled in the analysis.
Chia Statistics
- Chia Price: $14.78
- Market cap: $202 million
- Trading volume: $11 million
- Circulating supply: 13 million
- Total supply: 32 million
Chia Price Bulls Prepare Bully Rally
Chia’s price has been on a steady upward trend, with bullish investors driving it up from the $14.37 support. They aim to form a bullish breakout at the upper trend line of the bullish pennant. This movement suggests a potential bullish reversal, indicating the trend might be shifting from bearish to bullish really soon.
Currently, the Chai price is trading above the 200-day simple moving average (SMA), which acts as a crucial support level for the market and gives hope for a bully rally to occur. Bulls are seen pushing the price high, aiming also to surpass the 50-day MA. If the bulls manage to surpass the 50-day SMA, there will be a high probability of a bull rally occurring since both SMAs will be acting as crucial support levels.
The relative strength index (RS) also suggests a high probability of a bully racer. The RSI is currently flowing at 44 and 38, heading toward the 50-midline level, meaning average gains are starting to outpace average losses. If the bulls can keep up their momentum and push the RSI even higher, the market could potentially surpass the 70-overbought level.
Additionally, the Moving Average Convergence Divergence (MACD) offers further evidence of a potential bullish crossover. The blue light above the orange signal suggests the market is on a bullish trend. On the other hand, the green histogram is increasing in number, thus supporting the likelihood of an upcoming bully rally.
Chia Price Prediction
The bulls are demonstrating their strength by pushing the price higher, preventing the bears from dragging it down to the support level. If the bulls can maintain this momentum, the market could reach a target price of $16.5.
However, if the bears regain control of ovChia’shia pr, the ice, they could apply pressure, forcing the bulls to retreat to the $14.37 support level, which coincides with the pennant’s lower trendline.