Chia (XCH) is a coin circulated on the Chia Network, a radically new blockchain platform created by the inventor of BitTorrent, Bram Cohen. Chia is governed by Chia Network Inc., a company with a plan to go public and an ambitious goal of turning Chia into “enterprise-grade digital money.” Chia Network is one of the so-called Tier 1 solutions, such as Bitcoin or Ethereum, as it does not use the existing infrastructure and the entire network is built from scratch, including Chialisp, an intelligent transaction programming language. The main feature that makes Chia different is the new consensus protocol called the Test of Space and Time. It requires network participants to use the empty space on their hard drives for agriculture (as it is called, rather than chia extraction) or solve more computationally intensive puzzles (for “time”). Farmers can join the network with as little as 100Gb of space. This makes Chia farming much more accessible to the average person than Bitcoin or Ethereum mining, which requires the use of special equipment and carries huge energy costs. Very low energy use is another advantage of Chia, which prides itself on being green.
Chia has not had an ICO and instead was previously cultivated for a time before the launch of its mainnet in 2021, after which its transfers became available. There is no limit on the total amount of chia, but it is expected to halve every 3 years.
Chia enabled trading on May 3, 2021, which got the coin off to a great start, hitting the all-time high of ~ $ 1934. Later, the price wobbled a bit, but still, Chia enjoyed high prices. for most of the first half of May, especially towards the middle of the month, probably in the wake of Elon Musk’s comments on Bitcoin’s energy consumption, thanks to Chia’s clever positioning as a green alternative to Bitcoin. Despite reaching such high heights (over $ 1600 on May 15), chia prices subsequently plummeted to lows in the $ 600- $ 700 range in a matter of days, which could have been caused by the news of the hard drive shortage caused by agriculture, along with the initial wave of interest waning. That being said, in mid-June 2021, Chia’s price began to consolidate, mostly trading between $ 350 and $ 450, which may indicate that an uptrend is coming soon. Coupled with Chia’s team’s ambitions, such as doing an initial public offering in the near future, this makes Chia the only one to watch.
Even though 100% accurate technical analysis of Chia cryptocurrency is barely possible, in this advanced technical analysis tool from TradingView you can view the aggregate buy and sell rating of XCH in real time for the selected time period. The XCH / USD summary is based on the most popular technical indicators: moving averages, oscillators and pivots.
Below, we have compiled the most reliable price projections for Chia (XCH) from popular forecasting platforms.
According to WalletInvestor, the price of Chia will drop from $ 270,875605 to $ 13,807 in one year. That makes XCH a bad investment. The long-term profit potential is -94.90%.
Answering the question as to whether Chia is a good investment, TradingBeasts flatly says yes. In the 2021 perspective, the price of this coin is forecast to reach $ 551,212 with growth to $ 803,890 by the end of 2022.
In DigitalCoin analysis, the price of Chia Network cryptocurrency will increase in the next 5 years from $ 260,387 from today’s price to $ 1056,292. It will rise to $ 423,428 by 2022 and will continue its growth in 2023-2024. According to the forecast, Chia Network is a profitable long-term investment.
As can be seen from the analysis cited above, the Chia (XCH) projections are quite contradictory. There is no universal consensus on future positive or negative price movements for XCH. In fact, the possible future growth depends on several factors: announcements, new technological solutions of Chia’s projects, the cryptographic environment in general, legal position, etc. We kindly remind you that before investing in any cryptocurrency, it is essential that you do your own research (DYOR).
Disclaimer: This article should not be considered an offer of commercial recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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