CHO Indicates a Positive Momentum Amid Speculations of Choise.ai Launching Its Own Blockchain

What an exhilarating journey it has been for much of the crypto market over the past seven days, with Bitcoin dancing to its own tune from soaring heights of $63,700 to heart-stopping drops at $56,981, only to rebound back to $64,231. However, in the midst of this rollercoaster volatility, certain coins like CHO maintain relatively stable performance and demonstrate the ability to perform well regardless of Bitcoin's influence.

While a recent listing on BingX undoubtedly fueled the interest in CHO, it's clear that numerous other elements have also played a role in boosting its value and visibility. However, what lies ahead in terms of the token's price forecast for the upcoming period, as indicated by the charts?

Analyzing the Factors Contributing to CHO's 3-Month Rally

CHO initially served as the native currency of Choise.com, but as the platform progressed, so did the token. While the token had utility before, momentum for CHO began to surge towards the end of February, particularly with hints of Choise.com pivoting towards the B2B sector and indications of the forthcoming merger of Choise.com and Vault, both founded by the same team, into the Choise.ai ecosystem, along with updates to tokenomics.

Choise.ai was launched on April 3rd. At that point, another significant development unfolded: holders of CHO were informed that they could earn up to 20% of the ecosystem's revenue generated by Vault. During this time, the value of CHO skyrocketed from $0.015 to $0.1029, shooting up by a whopping 586%.

Source: CoinGecko

Just nine days later, the team unveiled plans for a new token, VLT, exclusively for CHO holders and stakers, with each of them given a chance to receive from 20% to 150% worth of VLT. Throughout this period, CHO continued its upward trajectory, hitting a yearly ATH of $0.1436.

Source: CoinGecko

Moving ahead, more exciting news was brewing for CHO, as whispers hinted at its impending listing on a top-tier exchange, later revealed to be BingX. Alongside this revelation, the CHO Listing Carnival unfolded from April 24th to May 1st, granting participants the opportunity to earn 333,333 CHO tokens.

Meanwhile, CHO was launched on the Binance Smart Chain (BSC), offering everyone who transfers to BSC a chance to participate in the $500,000 lottery. And, finally, on April 26th, the team announced the development of Tringlr, a new secure multi-party computation (SMPC) technology serving as the foundation for ultra-secure crypto wallets that further enhances CHO's utility, as it becomes the core token for transactions and fees within Tringlr.

Now, how do technical indicators shape the outlook for CHO? Are they in line with or diverging from the anticipated increase in the token’s performance?

CHO Set to Bounce Back From These Levels

CHO is currently hovering around the $0.0785 support level, which has proven resilient during previous corrections. The token has rebounded from this point almost consistently, occasionally dipping slightly lower to $0.0768, but these drops have been brief. Each time, CHO has bounced back, often reaching resistance levels of $0.082 and $0.0859. Given its historical performance, a recovery is highly probable in the coming days.

Source: TradingView

Another sign pointing towards a potential uptrend for the token is the behavior of moving averages. They are currently closely intertwined within a tight range between $0.082 and $0.085, with two of them overlapping. This technical set up could also indicate upside potential for CHO.

Source: TradingView

Considering the RSI divergence indicator, which suggests a potential trend reversal, it's highly likely that CHO is on the verge of shifting direction from its recent downward trend. With the RSI divergence indicator at 40.70, indicating proximity to oversold territory, although minor price drops to the levels mentioned above may occur, CHO is poised for an upswing from this point.

Source: TradingView

Taking a closer look, CHO's trading volume shot up by 30% in the past day. Seems like it's crawling out of the oversold zone, and people are jumping in to buy the dip, potnetially showing they're bullish on this token for the long haul.

Source: CoinMarketCap

Crypto Influencers Bullish on CHO

Even though technical indicators suggest CHO is about to get an uptick, they're just part of the picture. Other factors indicating a bullish trend for CHO include an optimistic sentiment coming from the crypto community and key opinion leaders.

Mags is one of the influencers who gladly talks about CHO and has recently caused a stir with his post on CoinMarketCap. Not only did he express his bullish view and talk about buying the token during the correction, but he also shared a rumor about Choise.ai launching its own blockchain. This news has spread like wildfire in the community, and everyone is wondering whether the next announcement will confirm this.

ATHena is a crypto influencer with over 70,000 followers on X. She recently shared a bullish stance on CHO just before the BingX listing and also hinted at the new blockchain launch, and you know what they say: where there's smoke, there's fire…

Source: X

So, What We Believe Is In Store for CHO Down The Line?

CHO is currently consolidating after a prolonged period of bullish momentum, which is entirely normal. However, considering the insights from technical indicators and the significant impact of the team's announcements over the past three months, the community has responded exceptionally well, leading to positive price movements for the CHO token. If the rumors about Choise.ai launching its own blockchain turn out to be true, we could see CHO testing the $0.085 level upon the official announcement. The next resistance levels would be at $0.088 and $0.092, however, both are pretty weak and the token managed to breach them on the first attempt in the past. So, there is a high probability of CHO rising to $0.10 or higher.

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