The news of Tranchess listing by Binance caused a 41% surge in CHESS’s price, highlighting market speculation about its future trajectory.
Tranchess (CHESS), a protocol for tokenized asset management and derivatives trading, has succeeded in accomplishing a significant milestone in recent times.
The cryptocurrency project received a significant boost of excitement today as a result of the announcement that Binance, the world’s most prominent cryptocurrency exchange, will launch its native token on futures markets.
The announcement quickly gained popularity across the entire cryptocurrency market, leading to a 41% surge in the price of CHESS. The players in the cryptocurrency market appear to be engaging in speculation over the asset’s future price trajectory.
Binance Launches USD-Margined Perpetual Contract For Tranchess (CHESS)
According to an official announcement from Binance on August 29, the company’s futures trading arm introduced the CHESS/USDT perpetual contract today at 07:30 UTC. The platform’s vast user base continues to be free to take advantage of leverage of up to 75 times while trading the asset.
The biggest cryptocurrency exchange has taken this step in an effort to improve the services it provides to its customers. Note that Tranchess remains the underlying asset.
Additionally, the exchange established the capped financing rate at a range of +2.00% to -2.00%. However, the official release also disclosed that the exchange may periodically revise the futures listing contract.
These revisions may include modifications to the funding fee, tick size, maximum leverage, starting margin, and maintenance margin requirements. Despite this, it seems that the listing drama has been the driving force behind the spectacular price increases of CHESS.
Additionally, BingX, a well-known cryptocurrency exchange, announced that CHESS perpetual and ordinary futures are now available on the platform. The listing has increased market optimism for the coin.
Token Price Soars 41% With Futures Listings
CHESS’s price has increased by 41% and is currently trading at $0.2193 as of this writing, the token’s intraday lows and highs were $0.1422 and $0.2237, respectively.
Today’s rising price action strongly correlates with the earlier announced futures listing. As previously noted, Binance’s futures listing approximately one week ago led to a 59% rise in the price of VIDT.
The current weekly gains for VIDT DAO amount to an astounding 137%, which strengthens the optimism for CHESS’s future price behavior. Additionally, the prices of the tokens POPCAT and SUN have recently experienced a remarkable upswing as a result of the CEX’s futures listing.
Market statistics, on the other hand, introduce an element of uncertainty into the item’s future price fluctuations. Despite the fact that the technicals indicated a strong buying attitude for Tranchess, the Relative Strength Index (RSI) expressed significant worries.
The token’s relative strength index (RSI) was hovering in the overbought region at the time of publication, with a value of 78. This indicates that there is a possibility that prices will rebound in the near future.
Fans of the cryptocurrency market continue to keep a close eye on the cryptocurrency in anticipation of future price action swings. It is important to note the fact that the data from Coinglass highlighted the futures open interest for the asset totaling $2.58 million.
In addition, the volume of derivatives in circulation reached $15.68 million following the listing announcement.
