Chia Network (XCH) is a layer 1 blockchain that uses its own custom-designed programming language called Chialisp and a new consensus mechanism called proof of space and time (PoST). The combination of these two factors allows the blockchain to use less energy without compromising the security of the network. Unlike most other blockchains, Chia Network is a publicly traded, open-source, commercial company that is seeking to be listed on the NYSE or NASDAQ.

The first time checking feature on the Chia network was released in 2019, and the first beta version of its blockchain was launched in 2020. The Chia Network has achieved full functionality, including wallet functionality, transactions and smart contracts, with the launch of its mainnet in 2021.

🛠 What about technical analysis?

The coin has already fallen by -98% from historical highs, so the downside potential here is limited. The coin received support at $27 and tested this level 5 times. As a result, there was a puncture down with an almost immediate redemption. RSI on the weekly time frame (63) is neutral. On the daily time frame (72) - the coin is just starting to enter overbought conditions. In the case of a BTC spill below the $50k level, there may be a temporary drawdown of up to 30%, but given that the coin has been in the “accumulation” stage since May 2022 and the growing trading volume on the global level, this is a very good signal for a medium-term long on the spot with a small volume. The stop on the trade turns out to be quite large (-30%), but if you have a speculative approach, you can put it. I am taking a deal for the medium term and will keep it until the end of 2024.

💼 Buying Chia for a medium-term portfolio.

🔎 Ticker: $XCH

✳️ Entry price: $38.5

🛡 Stop loss: $26, but it is better to take a deal without a stop in investment.

💼 Volume per transaction: up to 3% of the crypto portfolio.

🎯 Goals: $77 (in the coming months);

$165 (until the end of September 2024)

$500 (until the end of 2024)

📈 Transaction growth potential: up to 1100%

A medium-term portfolio will outperform any trading strategy in terms of profitability, so I carefully assemble my portfolio. In it I bet on crypto, raw materials and metals. There are a bunch of new ideas with great potential ahead, subscribe 🚀

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