The cryptocurrency market has rallied significantly over the past 24 hours. Bitcoin is back to $42,000 and Ethereum has recovered to $3,100. This price move sparked similar reactions across the market, and most coins saw notable gains in the past 24 hours.
Chromium rallied to $0.661 on Monday morning from $0.618 on Sunday evening. Chromium has been following the market trend for a few weeks. Without much price action in the market, most coins followed sentiment in the broader cryptocurrency market.
Chromia is a blockchain platform that supports the development and deployment of DApps. The blockchain supports the development of multiple blockchains for each DApp, with each blockchain running on a subset of nodes that increase throughput.
Chromia uses a relational database approach that provides consistency and reduces latency. Moreover, it was created using the Rell programming language unique to DApps.
Chromia Price Analysis
Chromium has seen a noticeable upward trend in recent days. With the recovery of the crypto market, buyers are returning, creating slight gains for CHR. Chromia is 57.3% below its all-time high of $1.49 set in November last year. Despite the volatile price movement, CHR is the only coin that has maintained its year-to-date (YTD) gains.
Chromia was trading at $0.637 at the time of writing. Over the past 24 hours, CHR has tested resistance at $0.66. However, the level created selling pressure from buyers fearing lower prices. CHR might test these levels again in the next few hours of trading, and if it manages to break through, the next resistance level will be at $0.82 and $0.84.
Chromia was the last trade at the $0.66 level on January 11, and a spike towards $0.92 occurred soon after. Traders can expect to see a similar price movement in the coming days.
CHR may rally towards $1 if the broader market maintains a persistent uptrend. Buyers are a key factor in the evolution of CHR prices. If buyers stay in the market, these levels could easily be reached. To sustain the $1 levels, the coin must break above the next resistance at $1.10.
Overall, Chromia has a bullish sentiment. Over the past month, it has outperformed most coins, as it has yet to dip to July lows. The slight reduction in the coin’s volatility relative to the rest of the cryptocurrency market has played a notable role in driving buyer adoption.
The possible downtrend of Chromia
It is also possible that the CHR is heading towards a downtrend. A reversal of the current price movement is even more likely if the current uptrend in the crypto market fails. In this case, the CHR will drop towards the support level below $0.60. The 24-hour bulls will still be in play at these levels, and the buyers might not rush in and liquidate.
Further declines will be recorded to $0.50 if the recovery fails. Since the cryptocurrency market started its downward trend in January, CHR has not gone below this level. However, the current price movement could attract short-term traders who are looking for gains. Therefore, if traders book profit at these levels and decide to sell if CHR fails to clear resistance, a continuation to the October lows of $0.31 would be recorded.
To learn more about this token, see our Investing in Chromia guide.