Traders pumped the CHR/USDT pair by 46% and then dumped it by 26% in 48 hours.
Bullish October statistics may have fuelled CHR’s upside move.
JAIPUR (CoinChapter.com) – Chromia’s underlying token CHR ended October on a bullish note. But the upside volatility trend has passed onto November as well. The token posted higher lows in the ongoing, and in the last 48 hours, rallied 46%, only to decline by 24%.
CHR rose from $0.77 to top a new all-time high at $1.45. But soon after, selloffs pushed the CHR/USDT token pair down to $1.1. However, the pair ended up testing the lower trendline of the bull pennant structure that dictated the pair’s momentum since October end.
What Is Chromia?
According to the whitepaper, Chromia launched recently (read 2019) and allowed smart contract programming. The team intends to eliminate inefficiencies faced by developers to develop decentralized applications on current blockchains.
The platform is the brainchild of ChromaWay, a Swedish blockchain development company, and was founded by Or Perelman, Henrik Hjelte, and Alex Mizrahi in 2012. The creators claim that ChromaWay doesn’t exercise control over Chromia and that the blockchain is open-source, public, and censorship-resistant.
Chromia’s primary objective is to redefine dApp development. The platform creators intend to achieve this by allowing dApps to scale to millions of users. They also want blockchain apps to be user-friendly and achieve parity with centralized applications.
Chromia Ecosystem Developments
ChromaWay Amongst Top Swedish Startups
Chromia’s latest newsletter issue had bullish surprises for investors and potential buyers of the CHR token. Parent firm ChromaWay was announced as one of the top trending startups in Sweden for the 3rd time by NyTeknik and Affärsvärlden.
“It’s a very prestigious award to receive, and we feel so honored! We wouldn’t be here if it weren’t for everyone’s support”
Revolve Games, a play-to-earn blockchain gaming metaverse ecosystem, forged a strategic partnership with Chromia. As a result, the platform’s development environment will provide instrumental benefits for the NFT gaming platform.
“We are thrilled to report that Revolve Games has committed to utilizing Chromia’s technology extensively in the construction and delivery of their products. This commitment includes:
The use of Chromia as a Layer-2 solution
Adoption of the Chromia Originals NFT standard
Integration with the Chromia Originals marketplace
Adoption of Rell, Postchain, relational blockchain and FT3 architecture”
ChromaWay would also provide development tools, documentation, and advisory services, which the Revolve Games team can leverage to develop games and their platform independently.
Platform Development
In a recent blog article, the Chromia team that platform development is on, and Originals Protocol, Originals Hub, and the Layer-2 asset bridging functionality have achieved significant progress milestones. Currently, the said updates are in ‘phase 1’ of the rollout, with development on the later phases already underway.
Also, the team has struck agreements with numerous industry partners to run validator nodes on Chromia’s mainnet.
CHR/USDT Price Technical Setup
Bearish sentiment is still on, but a consolidation phase will seep in soon. CHR’s Relative strength index (RSI) has corrected down to the neutral zone (read 50-60), an invitation for buyers. Since November beginning, the CHR/USDT token pair has maintained an uptrend, which is expected to continue.
Chormia’s CHR token has more room to grow. Source: CHRUSDT on TradingView.com
As CHR experiences renewed bullish pressure, the path to the next upside target at $1.6 would clear up on the back of incremental buy pressure.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
Luna Foundation Guard- LFG has spent over $3 billion in Bitcoin (BTC) in an attempt to save UST. Investors...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.