CHEX, the native token of the Chintai Network, has recently broken free from a consolidation phase that lasted throughout November.
This breakout led to the formation of a new all-time high (ATH), marking a milestone for the altcoin. The surge in price was met with excitement from investors, resulting in record profit-taking activity.
Chintai Network (CHEX) Celebrates All-Time High
As CHEX reached its new ATH, profit-taking spiked to the highest levels in its history. Many investors took this opportunity to sell their holdings, securing gains from the recent rally. While this surge in selling raises concerns about a potential short-term price decline, the situation could stabilize if profit-taking slows.
Despite the initial wave of selling, the broader market sentiment remains optimistic. The fact that so many investors are cashing in their profits after a major price jump is a natural market response. If the selling pressure begins to subside, CHEX could avoid a significant drop, allowing the altcoin to maintain its upward momentum.
CHEX Realized Profits. Source: Santiment
The age consumed metric has also spiked alongside the profit-taking activity. This indicates that long-term holders (LTHs) are seizing the opportunity to capitalize on the price increase. Since LTHs are typically seen as the backbone of any crypto asset, their selling behavior carries weight and could influence the market.
The surge in selling from long-term holders may signal the end of a bullish trend if it continues. However, if LTHs begin to hold onto their tokens again, CHEX could regain its momentum. It’s crucial for the overall market to observe whether the selling persists or if a shift back to accumulation occurs.
CHEX Age Consumed. Source: Santiment CHEX Price Prediction: New Highs Ahead
CHEX’s price recently formed a new all-time high of $0.49, coming close to the psychological $0.50 mark. This achievement signals a strong uptrend, but the cryptocurrency is likely to encounter some resistance in surpassing the $0.49 level. However, the continued positive market sentiment and high investor interest could support further gains in the near future.
The price of CHEX is expected to hold above the $0.33 support level, which has historically acted as a key price floor. This support level provides a cushion against potential price retracements.
As long as the altcoin stays above this critical level, the bullish outlook remains intact. A sustained move above $0.49 could pave the way for CHEX to target $0.50 and beyond in the coming days.
CHEX Price Analysis. Source: TradingView
However, should the price fall below the $0.33 support, it could signal a shift in market sentiment. A breach of this level would likely delay the formation of a new ATH and could invalidate the bullish thesis for CHEX.
In this scenario, the price may retrace to $0.24, testing lower support levels. A drop below $0.33 would indicate weakening investor confidence and may trigger further price corrections, causing concerns among traders.