- Chia gaining popularity announces a confidential draft registration statement to the SEC.
- XCH is trading in a bullish mood with a 7-day high of $47.73.
- XCH trading volume has increased, indicating a potential price surge.
Since the beginning of the year, the cryptocurrency market has been on an upward trend. While the prices of digital currencies recorded a slow-decline after the collapse of the FTX cryptocurrency exchange platform.
Chia (XCH) cryptocurrency has not been left behind by this bullish trend. Recently, Chia has been gaining increased popularity within the cryptocurrency space. Consequently, Chia announced that it had confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The size and price range for the proposed offering have not yet been determined.
Chia Network Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offeringhttps://t.co/4bQn0lVQMF
— Chia Network (@chia_project) April 14, 2023
Such developments within the Chia network, indicate that XCH is gaining traction in the cryptocurrency space. Meanwhile, the network witnesses an increase in adoption across the globe.
Following these reports XCH, the native token of Chia, has been trading in a bullish mood leading to the bulls establishing a 7-day-high of $47.73. Moreover, the price of XCH in the last 24 hours has skyrocketed by approximately 17.77% leading the digital currency to trade at $46.71.
The bulls have also managed to establish a support and resistance level at $39.61 and $47.73 respectively. The trading volume of the XCH token has also recorded an increase of 260.50% to $22,520,333 suggesting that there is a growing interest in the XCH token among investors and traders. This increase in trading volume could indicate a potential price surge in the near future.
XCH Moving Average
The bullish sentiment in the XCH market is projected to continue in the hours ahead, as indicated by the short-term Moving Average (MA) above the long-term MA. This is seen as the 100-day MA is above the 200-day MA, suggesting that investors are optimistic about the future price of XCH. Besides, the indicators likely suggest continuing buying, driving the price up further. However, it is important to keep an eye on any sudden changes in market conditions that could lead to a shift in sentiment.
Furthermore, the recent developments within the Chia network, including the proposed initial public offering of its common stock, have led to a surge in investor confidence and interest.
