Chia Network was one of the most innovative projects in the crypto space as it introduced a new consensus mechanism called Proof of Space and Time.
It essentially introduces a new way of mining cryptocurrencies by using less capital and less storage space on the hardware.
During its peak condition, the coin of this blockchain, $XCH, has managed to increase significantly due to most analysts thinking that the project will be one of the most dominant ones in the crypto space.
After the bear market came, its dominance began to diminish as the development lowered and its transaction volume decreased.
$XCH’s fame began to fade after the plan of Chia Network’s IPO was shattered due to obstacles from external entities that were not able to accommodate it.
However now, the plan seems to be back into play as there is a potential for $XCH to go back up again.
Chia Network’s IPO Plan Continue
Chia Network’s team has officially announced that it is on its way to an IPO after it secretly filled out an S-1 Form to do an IPO in the US Market.
The CEO said that the current plan will be smoother than before as the supporting entities are more capable of processing the plan compared to the previous ones.
However, there are no details yet, as the company is still waiting for approval from the SEC or the Securities and Exchange Commission.
This is the real obstacle as the SEC is currently on edge with crypto, so there is a possibility that the request for an IPO is rejected.
Although, there have been many previous companies in the crypto space that filled and were approved for an IPO, most of them are not crypto projects.
The latest one that applied for an IPO was Ripple with its coin $XRP, however, it was postponed and declined multiple times, due to its ongoing case with the SEC.
Chia might experience the same thing as Ripple, which is why it is currently uncertain whether the IPO will be approved or not.
$XCH Analysis
Looking at $XRP, after the previous news of an IPO, the coin took off significantly, coming back up from its previous correction.
$XXCH itself has experienced its price gain, however, it shortly ended in March 2024. The news might revive its price movement after a huge correction that it experienced, but there are a lot of uncertainties around.
$XCH’s Chart / Source: Tradingview
Looking at its current movement, it can be seen that the overall movement of $XCH is still bearish.
But, it has currently gone up from its weekly support level, which can trigger a potential price reversal for the trend.
If $SCH decides to go up next week, then there is a potential for the price to rise around 70% in the next couple of weeks.
To capitalize on this movement, traders can use Bitrue, which is one of the many centralized exchanges that accommodate $XCH trades.
Remember to always use proper risk management so that losses can be minimized in volatile times ahead.
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