- The relational blockchain platform, Chromia’s native token CHR, experienced massive volatility.
- 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”
the Chromia team said in the newsletter
Riding The Blockchain Gaming And NFT Hype
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”
read the offcial blog announcement
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.
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.
