Chia Coin Price Prediction: Is XCH Building an Upward Potential?

According to our Chia coin price prediction, the digital asset has a lot of space to grow and touch a tremendous high soon after an extended consolidation in the price chart. 

Cryptocurrency mining has been in the headlines over the last few years, and environmental concerns have caught the attention of the crypto space. An increasing focus has been deployed on the environmental impact of crypto mining, particularly the energy-consuming proof of work (PoW) mining mechanism employed by flagship assets like Bitcoin and Ethereum. However, Chia aims to reduce the environmental effect with a novel “proof of space and time” consensus mechanism that works on cloud storage rather than processing power, to encrypt the network. The developing team claims that it is more secure, more distributed, and less wasteful than proof-of-work assets like Bitcoin as it has already proved its worth to be popular with miners, who’ve been snapping up the hard drives required to ‘farm’ it. Chia also aspires to double down on Bitcoin by implementing its core principles and good economics. And most importantly, the Chia network aims to achieve all these goals by deploying a newer technology that’s much more environmentally friendly. Our Chia coin price prediction seeks to bring its project analysis and expected future potential with an in-depth technical analysis of the current price trend to help you choose the best investment option amid the market turmoil. 

Chia (XCH) Network: A Vast Potential

Chia is a blockchain network, digital currency provider, and smart transaction platform which is focused on facilitating cross-border payments, escrow services, and institutional custody. The Chia platform is built on the Nakamoto consensus algorithm called Proof of Space and Time (PoST). For those out of the loop, PoST is the first Nakamoto consensus algorithm since Bitcoin, enabling the Chia network to execute efficient transaction validations, also known as ‘farming,’ by allocating empty computer storage space to ‘plots.’

Chia’s goal is to establish a global open-source network that integrates with a payment settlement infrastructure comparable to that on the Bitcoin network. However, by adopting the PoST consensus mechanism over PoW, Chia looks to build an alternative decentralized financial ecosystem that doesn’t require energy-consuming mining. The Chia token was founded on 17 March 2021 by Chia Network Inc, owned by a computer programmer and founder of BitTorrent, Bram Cohen. Let’s find out Chia’s current market details to clarify our Chia coin price prediction better. 

XCH: Under The Hood

With a Proof-of-Space-and-Time consensus algorithm (PoST), the Chia Network is designed to prevent congestion of mining power among dedicated computer nodes on the blockchain. This is entirely different from the Proof-of-Work structure, which prioritizes computers with higher processing power, and the Proof-of-Stake (PoS) algorithm, which allows only nodes with a large amount of staked coin to participate in mining. Chia Network aims to level up the mining field for miners by reducing energy consumption and widening acceptability. Unlike the PoW and PoS algorithms, mining on the Proof-of-Space-and-Time algorithm is based on computer storage space with an easily accessible feature rather than high computing power or staked coins.

The business whitepaper of the Chia network states, “Chia is designed to improve on Proof of Work based blockchains with a new Nakamoto consensus algorithm we call Proof of Space and Time. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes (EB) of disk space that already exist in the world today. We are extending average hard drive lifetimes by giving them a second life after the data center. In partnership with the storage industry, we are moving the entire storage market to a circular economy of drive recycling – cutting back global e-waste beyond just our footprint.”

Another significant aspect of Chia is that it implements its own-designed on-chain programming language called Chialisp. It allows the efficient development and management of funds with smart contract technology. Chialisp takes inspiration from Solidity, Bitcoin Core, and the Ethereum codebase while applying Bitcoin’s UTXO model. It lays the foundation for simultaneous transactions rather than going for the ‘sequential transaction’ route.

Chia Coin Price Prediction: Price History

Before heading toward the Chia coin price prediction, it is essential for investors to know about Chia’s past performance to get a rough idea of its future potential and investment opportunities. However, it is to be noted that price history does not guarantee our Chia coin price prediction.

The Chia token went live into the crypto trading market with a value of $872 on 4 May 2021, and it gradually decreased in value and reached a price of $582 on 7 May. However, from this price range, the Chia token made an astronomical high in the next few days as it rose to $1,345 on 9 May, and with a slight downward retracement, XCH extended its bullish momentum further and touched a high of $1,600 on 15 May. As the crypto boom in 2021 started fading, XCH underwent a solid bearish trend, and it attained a low of $729 on 24 May. XCH’s price did not seem to stop here as the token further made a downward trajectory and reached $413 on 14 June. In the next few days, the Chia token triggered its bearish momentum further and attained a bottom at $183 on 22 July. Chia token traded with less volatility between the range of $120-$160 for the next four months. In December, Chia went into a death spiral as it made a low of $91 on 17 December and ended the year on a bearish note. 

In 2022, the crypto market got puzzled and eliminated its gain as the pandemic plunged, leading assets hard to the bottom line. Chia coin continued its bearish range and made a monthly low of $76 on 27 January. The bearish rally was further accelerated in March as Chia’s price traded below $60, and its price was sent below $40 in May as the entire crypto market traded in a negative region. On 12 June, Chia attained a yearly low of $27; however, it made an upside move to $52 by the next week, but it was short-lived.

Chia Coin Price Prediction: Technical Analysis

Chia coin continuously brings bearish woes for the last few weeks as it can soon undergo a strong bearish pressure with a potential low in the near future. The downfall of the crypto exchange FTX has barred Chia from a surge in the price chart as it has created extreme selling pressure on the price chart. Hence, our Chia coin price prediction aims to bring you an in-depth technical analysis using advanced technical indicators to hover amid the current market trend and guide you through a profitable investment plan.

According to CoinMarketCap, the current price of Chia crypto coin trades at $31.69, with a downtrend of nearly 1.6% from yesterday’s price. Our Chia crypto technical analysis reveals that this digital asset may soon flash bearish signals to new lows after a short-term bullish retracement. Looking at the daily price chart, XCH trades near the EMA-50 trend line, and a drop below EMA-20 may turn out to be a nightmare for Chia investors. Chia coin price analysis shows a downward market trend, which means that Chia is currently trading on a bearish trajectory following the November 2022 bearish trend. The Chia coin market has been experiencing high volatility recently, with prices fluctuating between $38.2 and $29.13 over the past month. Chia coin trades near an extreme fear zone which was brought about by FTX’s collapse, creating an uncertain situation for investors. However, Chia has barred itself from dropping further as it has formed support at $30, from which the coin is making a slight upward retracement to its 31.6% Fib retracement. The Balance of Power (BoP) indicator trades in a highly bearish region of 0.74, which may push XCH to retest its support near $29. 

The popular indicator RSI-14 trades in a bullish region at the level of 52, which may push Chia to test its resistance near the 31.6% Fib levels. Moreover, the MACD line forms a bullish pattern in the chart as it sparks green candles above the signal line, signifying bulls’ domination in the Chia price chart. The SMA-14 looks promising as it consolidates near the 54-level, which may ignite a short-term upward journey for Chia to the EMA lines. If the Chia coin breaks above its EMA-50 trend line, it may ignite a clear uptrend to its Bollinger band’s upper limit of $35, above which it may make an attempt to break its strong resistance at EMA-200 at $45. Conversely, a further downfall is expected if Chia drops below the crucial support level of $29; below this price level, XCH may accelerate a sharp collapse as it can trade near its Bollinger band’s lower limit of $21. If Chia’s price fails to hold above $20, it may gear up for a more bearish bloodbath and trade near $13.

Chia Coin Price Prediction By BlockchainReporter

Chia Coin Price Prediction 2022

According to our Chia coin price prediction for 2022, the token is predicted to attain a maximum value of $92.93 with an average trading price of $90.35. However, our technical analysis reveals that the Chia coin can go as low as $81.74. 

Chia Coin Price Prediction 2023

Our Chia coin price prediction for 2023 expects a maximum trading price of $151.49, with an average trading price of almost $131.26. Chia coin might retrace downward with a minimum price of $126.74 by the end of 2023. 

Chia Coin Price Prediction 2024

XCH boasts of developing solid and overwhelming fundamentals for the crypto community. Our Chia coin price prediction for 2024 predicts that the token will extend its bullish momentum and likely achieve a maximum price level of $222.53. After that, Chia crypto might record a low of $186.02, with an average trading price of $192.58.

Chia Coin Price Prediction 2025

Our Chia coin price prediction for 2025 anticipates a minimum value of $256.92 and a maximum value of $315.82. In addition, our Chia coin price forecast for 2025 predicts an average trading price of $266.55.

Chia Coin Price Prediction 2026

Chia coin may witness an astronomical rise in 2026 and bring an outstanding return on investment to its long-term holders. Our Chia coin price prediction for 2026 expects a maximum trading price of $446 with an average trading price of $394.87. Chia coin may trade at a minimum value of $381.54. 

Chia Coin Price Prediction 2027

The crypto market may soon end the tears and tantrums and overcome its current negative sentiments as it is building potential for a bullish comeback and is expected to skyrocket in the next few years. Our Chia coin price prediction for 2027 suggests that it may touch a maximum trading price of $679.29. Chia coin may trade at an average price of $584.9 with a minimum value of $569.10.

Chia Coin Price Prediction 2028

Our Chia coin price prediction for 2028 states that it may touch a maximum price of $989.56 and an average trading price of $874.95. The minimum value for the Chia cryptocurrency is predicted to hit $851.56.

Chia Coin Price Prediction 2029

In the upcoming years, Chia coin may gain impactful partnerships due to its user-friendly environment and can push its price to the North. Our Chia coin price prediction for 2029 expects a maximum price for this token to be $1,471.22 and a minimum price of $1,248.68. Chia crypto may reach an average value of $1,283.68.

Chia Coin Price Prediction 2030

Depending upon the future market movements and response from the community, Chia crypto can see a maximum price level of $2,183.1 with an average trading price of $1,920.09. However, the Chia coin is projected to hit the bottom level at $1,855.9 by the end of 2030.

Chia Coin Price Prediction: Industry Experts 

According to Wallet Investor’s Chia coin price prediction, XCH can be a lousy and a high-risk 1-year investment option as it can trade at an average value of $3.051, with a minimum value of $1.525 and a maximum value of $4.576 by the end of 2025. In 2027, the Chia coin may trade at an average value of $0.341, with a minimum value of $0.170 and a maximum value of $0.511. 

DigitalCoinPrice’s Chia coin price prediction states that the price of XCH is expected to surpass the level of $73.78 in 2023. By the end of the year, Chia is expected to reach a minimum value of $66.86. In addition, the XCH price is capable of securing a maximum level of $77.76. In 2028, XCH is expected to trade above the level of $220.65. By the end of the year, Chia is expected to reach a minimum price of $213.17. In addition, the XCH price may register a maximum level of $224.54. 

Is Chia A Good Investment? When Should You Buy?

Chia network has been led by a great team and appears to have developed features that differentiate it from competitors. As the Chia Network (XCH) is focused on being a sustainable blockchain technology platform with smart contract capabilities, it may soon stand as one of the dominating crypto projects in the market with a tremendous high. Our Chia coin price prediction suggests a buying opportunity at $24 for a maximum ROI in the future. 

Conclusion

Many investors consider the Chia Network to be a potential alternative for Bitcoin as the network is more environmentally friendly since it doesn’t require energy-intensive computer equipment, and it’s also faster than several leading assets. According to Chia’s website, this blockchain can handle nearly 20-40 transactions per second (TPS), whereas Bitcoin is bound to execute 7 TPS. 

To sum it up, despite all its hurdles, Chia is hands down far more energy efficient than Bitcoin. Any large-scale Chia farming hub will probably look like more cold storage if compared to the energy-guzzling hot-houses Bitcoin mining farms are. David Frazee, the managing partner at Richmond Global Ventures, said, “Chia is what Bitcoin would look like if it was designed with knowledge from the last 13 years.”

Hence, the Chia coin has a bright future ahead with a lot of room to expand. However, it is advised to do your own research and conduct investment advice from experts before investing in the volatile market.