Altcoin
Tranchess (CHESS) Price Shoots 41% On Binance Listing, Will It Sustain?
Tranchess (CHESS), a tokenized asset management and derivatives trading protocol, has recently secured a landmark feat. The crypto project garnered noteworthy optimism today as the world’s leading crypto exchange, Binance, announced futures listing for its native token. This announcement promptly gained traction across the broader crypto industry as CHESS price rocketed nearly 41% in tandem with the announcement.
Crypto market participants appear to be speculating over the asset’s future price trajectory.
Binance Launches USD-Margined Perpetual Contract For Tranchess (CHESS)
According to an official Binance announcement dated August 29, the futures trading arm of the firm launched the CHESS/USDT perpetual contract today at 07:30 UTC. The platform’s colossal user base remains free to enjoy up to 75x leverage trading the asset.
This mover by the leading crypto exchange comes as an effort to enhance user offerings. Meanwhile, the underlying asset remains Tranchess. Further, the exchange set the capped funding rate at +2.00% / -2.00%.
However, the official announcement also revealed that the exchange may revamp the futures listing contract periodically, including changes in funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Nevertheless, the listing saga appears to have fueled phenomenal gains in CHESS price.
Additionally, another renowned crypto exchange, BingX, announced that CHESS perpetual and standard futures were now live on the platform. This listing adds to market optimism for the token.
Token Price Soars 41% With Futures Listings
As of writing, CHESS price soared 41% to trade at $0.2193. The token’s intraday lows and highs were $0.1422 and $0.2237, respectively.
Today’s rising price action primarily aligns with the abovementioned futures listing announcements. As seen previously, even VIDT price skyrocketed nearly 59% with Binance’s futures listing approximately a week ago. At present, VIDT DAO’s weekly gains total a staggering 137%, solidifying optimism on CHESS price action ahead.
In addition, tokens POPCAT & SUN prices also rallied remarkably recently with the CEX’s futures listing. However, market stats add a tint of uncertainty on the asset’s future price movements.
Although technicals hinted at a strong buying sentiment for Tranchess, the RSI raised strong concerns. At press time, the token’s RSI hovered into an overbought territory, resting at 78. This indicates a potential price rebound may also be imminent.
Crypto market enthusiasts continue to extensively eye the crypto for future price action shifts. It’s worth noting that Coinglass data spotlighted futures open interest for the asset at $2.58 million. Moreover, the derivatives volume stood at $15.68 million after the listing announcement.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: