Why Is cheqd CHEQ Price Up By 24%?

The cheqd (CHEQ) token saw strong gains over the last 24 hours, jumping over 24% to a daily high of $0.1359 before settling around $0.12 at press time. The native token of the cheqd self-sovereign identity platform has seen high volatility recently, with the last 24 hours producing a trading range from a low of $0.09566 to a high of $0.1359.

Despite the pullback from daily highs, CHEQ is still up over 24% in the last 24 hours. The rally has also helped push cheqd’s market capitalization above $79.5 million, for a gain of over 24% in the last day.

KYC Solution Launch Drives Momentum

A key driver of the latest CHEQ rally seems to be the latest launch of cheqd’s regulatory-compliant reusable Know Your Customer (KYC) and Know Your Business (KYB) credential solutions.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

Show more +

The new end-to-end solution enables streamlined client onboarding and compliance by allowing companies to access verified KYC and KYB credentials stored on the cheqd network. By storing credentials on-chain, cheqd allows them to be reused across different applications, reducing redundancy in compliance while still meeting regulatory requirements.

The ability to access reusable digital credentials is expected to significantly improve efficiency and lower costs associated with client onboarding, while also enabling companies in traditional finance as well as the growing decentralized finance space to remain compliant.

Technical Indicators Remain Strong

In addition to the fundamental catalyst of the KYC solution going live on the mainnet, CHEQ price action is being supported by bullish technical indicators in the short term.

The relative strength index (RSI), a momentum indicator, remains elevated at 81 on the daily chart. RSI above 70 typically indicates overbought conditions; however, the latest push above 80 shows bullish momentum that still remains strong over the last day despite CHEQ pulling back from local highs.

As long as the RSI level holds up and CHEQ maintains support above $0.10, the technical picture remains constructive for a continuation of the strong upside seen over the last 24 hours.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.