Key Insights
- The global crypto market is showing promising signs of bullishness.
- One standout performer, Chill Guy coin has risen by as much as 50% this week.
- The cryptocurrency is consolidating and could range between the $0.2 and $0.18 price level before rebounding.
- Open interest has been healthy and has been darting up and down the $100 million mark all week.
- Possible price targets include the $0.45, $0.7 and the psychological $1 price level.
The global crypto market has been consolidating positively this week and is even up by an impressive 2% over the last 24 hours before press time.
This bullishness has pushed the overall market cap to $3.51 trillion, and the crypto heatmap shows a sea of green as illustrated:
In the middle of this bullish trend, one standout performer is grabbing all the attention with its impressive weekly performance.
Just a Chill Guy crypto.
This memecoin skyrocketed by more than 30% this week and is currently consolidating for its next major move.
Here are the key factors driving this rally, why the CHILL GUY meme is making headlines and what might come next.
The Rise of CHILL GUY Coin
This memecoin was launched on 15 November, and has quickly gained attention.
Over the last two months, the token’s journey has been nothing short of extraordinary, with its market cap soaring from an initial $10 million to an impressive $790 million—a whopping 790% increase.
The cryptocurrency’s market cap has now stabilized around the $200 million mark, positioning it as one of the most talked about memecoins in the last few months..
One major catalyst behind this price jump is the widespread speculation about a possible listing on Binance.
Even though Binance hasn’t officially confirmed these rumors, the buzz has been real and has attracted both retail investors and whales.
Chill Guy is A Major Contender
CHILL GUY’s performance hasn’t gone unnoticed so far in the crypto community.
Reports even show that whales and other large investors have been lapping up the token—explaining its rapid jump in price.
The CHILL GUY meme has even outperformed established memecoins like Dogecoin and Shiba Inu over the weekly and monthly timeframes.
This, of course, shows its ability to compete with even some of the most established cryptocurrencies on the market.
The token’s profit margin has even delivered life-changing ROI for investors, with one notable case being the investor who made a staggering $1 million from a $1,000 investment.
Growing Demand Reflected in Open Interest
Another major factor contributing to Chill Guy’s rise is its open interest, according to data from CoinGlass.
As illustrated, CHILL GUY’s open interest has skyrocketed, this week in particular.
It hit a peak of $116 million on 5 January, and has normalized slightly to around $86 million at the time of writing.
Price Analysis and Future Outlook
According to TradingView, the cryptocurrency currently trades at around $0.2.
The chart illustrated below, shows that the cryptocurrency broke out from the descending channel on 3 January and hit a high of $0.26.
The cryptocurrency appears to be in the middle of a consolidation phase but still has strong potential for further upside.
If the bulls are able to defend the $0.2 psychological level, the cryptocurrency could climb further upwards to the $0.45 price level or even higher.
However, if the selling pressure continues, the Chill Guy meme could hit a low of $0.18 before rebounding.
The Fibonacci retracement tool shows that Chill Guy coin could rally further than the $0.45 target and reach ahead to its previous all-time high of $0.7, or even the psychological $1 mark.
Overall, investors must keep an eye out for the market’s dynamics, as well as the rumors of a Binance listing.
All of these factors could play a major role in the memecoin’s future.