$CHESS is currently experiencing a significant downtrend, with a 24-hour price change of -8.421%.
The price has fluctuated between 0.0963 and 0.0869, nearing the lower Bollinger Band at 0.0854.
Key support at 0.0869 may be tested, suggesting a potential for further declines.
Bitcoin's influence appears undefined, likely indicating that CHESS is reacting to broader market sentiment.
Macroeconomic factors, such as inflation concerns and regulatory scrutiny, may further pressure prices.
Traders might consider a short-term approach given the heightened volatility of the cryptocurrency market.
Overall, mindful trading strategies should focus on managing risk as market dynamics remain unpredictable.
Key takeaway: CHESS is a speculative asset currently trapped in a bearish cycle, warranting caution.
