On May Day, most of the crypto market is in the red, with major cryptocurrencies dropping in value and leading investors to seek safe haven in smaller-cap altcoins that historically withstand market crises. One such token is Choise.ai (CHO), which rose against Bitcoin's 2022 downturn and has been on an uptrend over the past three months, despite the broader market facing significant challenges during this period.
In the past week, CHO gained 5.8%, as BingX, one of the most prominent crypto exchanges, added the token to its lineup. In the days following the listing, CHO experienced an 11.6% increase, rising from $0.0847 on April 26 to $0.0945 on April 29. During these four days, the token's trading volume surged by 136% and hit $2.26 million, indicating heightened investor activity, likely in response to the new listing.
Meanwhile, Ethereum (ETH) saw a loss of 6.8% during the same timeframe, while Bitcoin (BTC) lost 5.1%. On April 29, CHO even outperformed both BTC and ETH by 11% and 8%, respectively, once again highlighting its low correlation with the downward movements of crypto giants.
Now, the questions arise: what can investors anticipate regarding CHO's performance in the coming days and weeks? How likely is the token to continue its upward trajectory amidst the negative sentiment prevailing in the market, and will it maintain its outperformance relative to Bitcoin and Ethereum?
While the listing on BingX has certainly infused a fresh wave of optimism, it's not the sole driver behind CHO's price. Throughout April, the Choise.ai team provided consistent positive updates, cultivating community engagement, attracting new investors, and fueling CHO’s growth through the introduction of new, exciting opportunities and use cases for the token. They range from offering exclusive access to 20% of the ecosystem’s B2B revenue to powering revolutionary technology that will serve as the foundation for the most secure crypto wallets ever developed. Such proactive efforts are claimed to benefit CHO holders, aligning with the company’s user-centric philosophy.
So, it's no surprise that the token experienced a 737% surge in value due to the community's immediate response to the anticipated changes. They began accumulating CHO in mid-March, even before the launch of Choise.ai was confirmed, and have continued to do so to this day. It’s also worth noting that these are just a few of the initiatives underway; there are more in the pipeline.
Almost simultaneously with all these developments surrounding CHO, Bitcoin halving has occurred, along with the Ethereum Dencun upgrade, two events that many thought would trigger a massive bull run. However, despite bullish sentiment prevailing for a couple of weeks, the excitement fizzled out sooner than expected. Neither asset experienced a 100% increase, let alone surpassing 700%. Surprisingly, Bitcoin dropped to as low as $57,200, and Ethereum to $2,800 on May 1.
As is customary in the crypto market, tokens experience both peaks and troughs. While CHO enjoyed a quite bullish period in the latter days of April, it has lost some of its value since April 29 and is currently consolidating. However, even a small pullback didn’t prevent the token from outperforming BTC and ETH by 9.5% and 6.8%, respectively.
Adding to the twist, a crypto analyst Mags, who has more than 70,000 followers on X, recently shared how he's scooping up CHO during its slight dips. His bullish stance stems from insider whispers about Choise.ai gearing up to launch its very own blockchain.
If Choise.ai had its own in-house blockchain, it would open up a playground of new opportunities. This would allow the team more control to roll out fresh features that would benefit everyone in their ecosystem, including all CHO holders. With that said, CHO is likely to reignite its momentum sooner than expected. All eyes are now on the next major update, which could be the launch of the speculated blockchain, scheduled to occur within the next 12 days.
And what do technical indicators suggest for the token’s future? Do they confirm or contradict the anticipated uptick in CHO's performance, and how does this compare to the forecast for Bitcoin and Ethereum?
With the RSI lines on the verge of crossing, and the RSI hovering just above 50, this indicator suggests a slightly bullish market and potential upside for CHO.
The next potential signal for bullish momentum in CHO could be the moving averages, with the short-term ones (20 and 50) nearing a crossover (known as the golden cross) with the longer-term average at 100.
Last but not least, another indicator suggesting a potential upside for CHO is the 31.1% increase in trading volume over the last 24 hours. Considering that a new announcement is imminent within a day, it's probable that the volume will continue to rise, thereby influencing the price.
With Bitcoin, the situation is quite different. It is currently priced at nearly $57,900, having recently broken through the $58,000 support zone that can now turn into a resistance if the biggest crypto doesn’t bounce back in a couple of hours.
An RSI at 40 indicates that it's nearing oversold territory, suggesting a potential for further decline, although not a significant one, specifically to $57,700.
The moving averages also confirm that the bears are still in charge, as none of them are nearing each other or forming a golden cross.
Technical indicators are showing almost identical signals for Ethereum as well, with the token nearing oversold territory, yet the RSI lines have not yet crossed, which also applies to the moving averages.
The $2,900 zone held pretty well for Ethereum, yet, it was just today that the token broke through this support and it’s trading at nearly $2,889 now. If Ethereum’s price retests $2,900 sometime soon and breaks through successfully, we could potentially see an upside to $3,100 and $3,200. However, if it doesn’t happen, we are likely to see the $2,800 level.
While investing in Bitcoin and Ethereum may seem logical for numerous reasons, even if they don't yield massive gains like CHO, recent developments surrounding this token truly underscore its potential. Bullish sentiments from crypto analysts, upcoming developments, and positive technical signals all indicate that we may anticipate a breakout from this short consolidation phase and an upward movement in the near term, especially if Choise.ai really happens to launch its own blockchain.
