Chia Price Prediction: XCH Stalls at $29.90 – Is Environmental Narrative Fading?

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Chia (XCH) has been under a bearish trend in the last seven days, consolidating around the $30.0 price level after breaking above $31 on August 23.

It dipped below the $30 support to $29.5 on August 29. However, today, August 30, the token recorded a slight uptick in line with the improvement in the broader crypto market. Chia (XCH) is trading at $29.95 as of 8:25 AM EST, with a 1.5% increase over the past 24 hours.

Despite today’s uptick, the token holds a more than 4% 30-day price decline. While the rally appears to have stalled, the asset still holds considerable potential for more rallies before the day ends.

Version 2.0 Release – Long-Term Bullish Move?

📣 Version 2.0.0 is now available for download!

This release brings pivotal upgrades from plot compression support and GPU plotting, farming, and harvesting, to soft and hard fork protocol updates.

Download 2.0.0: https://t.co/vT9BCaao3S 1/2

— Chia Network (@chia_project) August 24, 2023

Chia network has announced the launch of its version 2.0. This update brings some significant improvements vital to the enhancement and advancement of the Chia network. The update added tools for creating enhanced plots using unique graphic cards and improving how farming and harvesting work.

Also, it enhanced the blockchain’s working principles. According to the update, Version 2.0 is the next critical phase in their plan to build a more robust blockchain.

These improvements could attract more users, positively impacting XCH’s demand and value. The release also signifies the project’s commitment to long-term growth and competitiveness.

However, the impact isn’t guaranteed and depends on user response. The upgrades could boost market sentiment and investor trust if well-received, leading to potential price increases.

Chia Price Analysis: Will XCH Break Above Long-Term Bearish Trendline?

Even though XCH is still trading within the long-term bearish trendline, there is still potential for a price rebound.

From the chart below, the market pressure has stabilized with XCH trading between the $20 support level and the $31.69 resistance zone.

For the past four months, XCH has been below critical moving averages (the 100 and 50-day MA). The bears around these price levels intend to prevent XCH from going up.

However, there have been signs of recovery recently as XCH’s value has started increasing, approaching the Moving Average lines on the chart.

This could mean that the trend is shifting, and there’s a chance that the price might break out from below those lines soon.

A break above the Moving Averages could indicate rising momentum, which may sustain the ongoing uptrend.

Although the MACD histogram bars indicate a weak buying momentum, the Relative Strength Index (RSI) of 43 suggests a potential for more uptrend as buyers join the market.

However, caution is advised as the market still has a bearish sentiment, which could pull the price below the support region.

Promising Alternative to Chia Network (XCH)

Sonik’s team recently introduced its staking pool for investors who wish to lock their funds. The staking feature can stabilize the price of the Sonik token, attracting a more comprehensive range of investors.

These developments carry positive implications for SONIK. This could contribute to the project’s sustained growth and long-term resilience.

Can New Stake-to-Earn Meme Coin Sonik Do 50X?

The Sonic the Hedgehog-inspired meme coin SOINK is a meme coin with unique and enticing features.

The project promises a high yearly interest rate (APY) to SONIK token holders who locked their coins. This staking utility gives Sonik a competitive edge over other meme coins, offering zero use cases.

Investors can acquire SONIK tokens, deposit them on the staking pools (holding their coins), and earn rewards immediately. Moreover, Sonik allocated 40% of the total token supply to reward stakers, and this reward will be distributed over four years.

Don't ever fade $SONIK 💨#SONIK #Presale pic.twitter.com/2ppnq1Iopj

— SONIK COIN (@Sonikcoin) August 28, 2023

About 90 million $SONIK coins have been put aside for staking rewards, potentially yielding a high APY of 26,648%. But remember, this interest rate reduces as more people join the staking pool.

The team behind this project aims to raise over 2 million ($2,098,547), so this coin will likely be sold out quickly. Therefore, interested investors should act fast to ensure they get all the benefits.

It might become something like the Pepe coin but with a focus on having fun and making money while enjoying it.

Each $SONIK coin costs only $0.000014 and is poised for up to 50x or 100x increase on DEX listing in the coming months. The coin will list on the Uniswap DEX directly after the presale. Visit the Sonik website to join before the presale concludes.