Chia Network Ready To Launch IPO — Is XCH Making A Comeback After Two Years Of Trading at $30?

Key Takeaways

• Chia Network advancing towards an IPO, timeline uncertain.
• Chia to implement USDC stablecoin bridge, enhancing infrastructure.
• Chia’s token XCH potentially poised for market rebound.

According to CEO Gene Hoffman, Chia Network (XCH), recognized for its proof-of-space and proof-of-time consensus mechanism, is advancing  toward an IPO. 

With the price of token XCH has suffered a tremendous depreciation since it market release, can we see this news ignite a new wave of interest? 

Chia Network (XCH) Ready To Go Public 

Speaking at a conference in Manhattan hosted by Brown Rudnick, Hoffman revealed that Chia confidentially amended its S-1 form with the United States Securities and Exchange Commission (SEC) at the end of March following feedback from regulators. However, a specific timeline for the IPO remains undecided as the company is waiting for optimal market conditions.

The company first expressed its intention to go public in April 2023. However, its IPO journey faced a setback due to financial issues at Credit Suisse. Additionally, Hoffman highlighted upcoming developments for Chia, including implementing a bridge for Circle’s USDC stablecoin and other infrastructure projects soon.

Chia Network (XCH) Trading Around $30 For Two Years

When it entered the market in May 2021, the price of XCH reached its all-time high of $1,910. Since then, it was on a lasting decline until it reached a low of $25 on June 13, 2022. It started trading horizontally between its June low and $54 at its upper level. 

After making a quick dip to $20 on October 13 last year, a new uptrend began, leading XCH to retest the $50 resistance again on March 5. The interaction ended as a rejection once more, sending the price to $30, where it currently stands. 

However, as suggested by the wave structure and the daily chart RSI, we could have seen the end of this decline. If the previous uptrend is a five-wave impulse, the following decline could be a three-wave correction. Coming to the 0.618 Fibonacci retracement further confirms this assumption, but no bullish signs confirm the possible bounce. 

Should we see some bullish price action emerging, it could be the first hint at the next potential rally in the price of Chia. A breakout above $50 would be expected, with its next likely target set at $160. 

But if the breakout does occur from its 675-day horizontal range, that could indicate that XCH started a larger bull cycle with a significantly higher price ahead in 2024. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.