Chia (XCH) Token Records Over 17% Price Surge in 24-Hours

• 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 in an upward trend, with the prices of digital currencies recording their prices slowly 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. Recently, 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 has not yet been determined.

Such developments within the Chia network, indicate that XCH is gaining traction in the cryptocurrency space and also its adoption is increasing across the globe.

Following these reports in the last 7 days XCH which is 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 and are likely to continue 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.

In conclusion, 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.