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The cryptocurrency market has rallied significantly during the past 24 hours. Bitcoin is back to trading at $42,000, and Ethereum has recovered to $3100. This price movement has elicited similar reactions across the market, and most coins have registered notable gains during the past 24 hours.
Chromium rallied to $0.661 on Monday morning, from the $0.618 on Sunday evening. Chromium has been following the market trend over the past few weeks. Without much price action happening across the market, most coins have followed the sentiment in the broader cryptocurrency market.
Chromia is a blockchain platform that supports the development and deployment of DApps. The blockchain supports the development of multiple blockchains for every DApp, with each blockchain running on a subset of nodes that raise the throughput.
Chromia uses a relational database approach that provides consistency and reduces latency. Moreover, it has been created using the Rell programming language unique to DApps.
Chromia price analysis
Chromium has been on a notable uptrend over the past few days. With the crypto market recovering, buyers are coming back, creating slight gains for CHR. Chromia is 57.3% below its all-time high of $1.49 created in November last year. Despite the volatile price movement, CHR is the only coin that has maintained its year-to-date (YTD) gains.
Chromia was trading at $0.637 at the time of writing. During the past 24 hours, CHR tested the resistance at $0.66. However, the level created selling pressure from buyers fearing a price recession. CHR could test these levels again in the coming trading hours, and if it manages to break through, the next resistance level will be at $0.82 and $0.84.
Chromia was the last trading at the $0.66 levels on January 11, and a spike towards $0.92 happened shortly after. Traders can expect to see a similar price movement in the coming days.
CHR can rally towards $1 if the broader market maintains a persistent uptrend. Buyers are a key factor in CHR’s price movement. If buyers stay in the market, these levels could be easily achieved. To maintain the $1 levels, the coin needs to move beyond the next resistance at $1.10.
Overall, Chromia has a bullish sentiment. Over the past month, it has outperformed most coins, as it is yet to dip towards the July lows. The slight reduction in the coin’s volatility compared to the rest of the cryptocurrency market has played a notable role in favouring the uptake of buyers.
Chromia’s possible downtrend
There is also a possibility that CHR will head towards a downtrend. A reversal from the current price movement is even more likely if the current bullish trend in the crypto market fails. In this case, CHR will drop towards the lower support level at $0.60. The 24-hour bulls will still be at play at these levels, and buyers could fail to rush in and liquidate.
Further dips will be recorded at $0.50 if recovery fails. Since the cryptocurrency market started its downtrend in January, CHR has not gone below this level. However, the current price movement could be attracting short-term traders that are in for the gains. Hence, if traders booked profits at these levels and decide to sell-off if CHR fails to break past resistance, further towards the October lows of $0.31 will be recorded.
To learn more about this token visit our Investing in Chromia guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.