Chia price prediction remains bullish for the long term till XCH crypto price sustains above the $25.00 support. However, for the short term, the XCH prices seem to be in a bearish grip.
Chia price is in a downtrend and struggles to sustain above the 50-day EMA. It shows sellers’ dominance on the higher levels.
Buyers tried multiple times to break the 50-day EMA to reverse the short-term trend. But the attempts failed and the prices continued to decline.
At the beginning of August, XCH price slipped below the $32.00 support. It triggered the negative sentiment and invited further decline. On a higher time frame, it formed a double-top pattern which raised concern for the long-term investors.
Previously, XCH price took support near $25.00 and showed a sharp bounce. So, investors are expecting that a similar pattern may be repeated.
Chia price is trading at $27.82 with an intraday decline of -1.94%. The 24-hour volume to market cap is 1.12%. The pair of XCH/BTC is trading at 0.001051 with an intraday decline of 2.87%.
Will Chia Price Recover From Multi-Year Low?
Chia price prediction suggests that the price is near its demand zone so a relief rally may trigger anytime. It has not performed well in the past few months and traded with a bearish bias.
The short-term pullback rallies are facing difficulty in holding the higher levels. It shows that the short sellers are still active.
However, the crypto leaders, BTC and ETH prices are recovering which might improve the sentiment of investors. If the recovery continues in BTC and ETH prices, then the downfall in the XCH crypto may take a halt.
The analysis suggests that XCH is oversold so the possibility of taking U-turns remains high.
XCH Price Forming a Doji Candle Near Support
XCH price forming a Doji candle near to crucial support. It indicates indecisiveness and bears losing momentum. If the prices begin to consolidate for sometime near $25.00 then it might be a signs of the base formation.
The MACD curve is reversing upward and may generate a positive crossover. It indicates mild bullishness. The RSI at 37 also reversed upward from the oversold territory. If the recovery continues it may reach neutral territory in the coming weeks.
Conclusion
Chia price prediction is bullish and suggests a rise in the coming months. XCH price is near to the demand zone so the downside risk is low. The analysis suggests that the buyers in XCH crypto are active near $25.00 and the possibility of upside reversal is high.
Technical levels
- Resistance levels: $31.00 and $34.00
- Support levels: $26.00 and $25.00
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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/14/chia-price-prediction-xch-price-oversold-time-for-reversal/