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.

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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.

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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.

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