Tranchess (CHESS) Price Shoots 41% On Binance Listing, Will It Sustain?

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As a seasoned crypto investor with a knack for spotting opportunities and a penchant for navigating market volatility, I find myself intrigued by the recent surge of Tranchess (CHESS). The listing of CHESS futures on Binance and BingX exchanges has undeniably ignited a spark of excitement in the crypto community.

In simple terms, the digital asset management and derivatives trading platform called Tranchess (CHESS) has achieved a significant milestone. Today, Binance, one of the largest cryptocurrency exchanges globally, announced that it will list futures for CHESS’s native token. This announcement sparked widespread enthusiasm in the crypto world, causing the price of CHESS to surge by approximately 41%.

Crypto market participants appear to be speculating over the asset’s future price trajectory.

Binance Launches USD-Margined Perpetual Contract For Tranchess (CHESS)

As per an official announcement by Binance on August 29, their futures trading division has launched a new CHESS/USDT perpetual contract today at 07:30 UTC. This means that users on their platform can now trade this asset with up to 75 times leverage, providing a significant opportunity for trading.

This action taken by the foremost cryptocurrency exchange aims to improve the services provided to its users. Notably, the basic asset still stands as Tranchess. Additionally, the exchange has established a maximum funding rate of 2.00% (positive) and 2.00% (negative).

Moreover, it was disclosed through the official announcement that the exchange might adjust the futures listing contract periodically, which could involve modifications in funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Yet, this listing process seems to have ignited substantial growth in CHESS‘s price.

Furthermore, it’s worth noting that the popular cryptocurrency exchange, BingX, has launched CHESS perpetual and standard futures contracts. This move is seen as a boost in market confidence for the token.

Token Price Soars 41% With Futures Listings

Currently, the value of CHESS has increased by 41%, reaching a price of $0.2193. Earlier today, the lowest it dropped was $0.1422, while its highest point was $0.2237.

As a researcher, I’m noticing a correlation between the recent surge in prices and the announcements of futures listings, such as the one for VIDT DAO. Similar events have shown that prices can significantly increase, like the 59% spike in VIDT price when Binance announced its futures listing about a week ago. Currently, the weekly gains for VIDT DAO stand at an impressive 137%, which fuels my optimism regarding potential increases in CHESS price movement as well.

Moreover, it’s worth noting that the prices for tokens POPCAT and SUN have surged significantly following their listing on futures exchanges. Yet, some market statistics hint at a degree of unpredictability concerning the future price trends of these assets.

Despite indications of robust buying interest in Tranchess from technical analysis, its Relative Strength Index (RSI) has sparked some worries. At the moment, the RSI value is approaching overbought territory, sitting at 78. This suggests that a possible price correction might be on the horizon soon.

Cryptocurrency investors are closely monitoring the market for potential price fluctuations in various digital assets. It’s important to mention that as per Coinglass data, the open interest for the asset was approximately $2.58 million. Additionally, the derivatives trading volume reached $15.68 million following the announcement of its listing.

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2024-08-29 12:56