CHESS -169.21% in 24 Hours Amid Sharp Downtrend

On SEP 1 2025, CHESS dropped by 169.21% within 24 hours to reach $0.06889, CHESS dropped by 295.03% within 7 days, dropped by 169.21% within 1 month, and dropped by 6157.87% within 1 year.

Recent movements in the CHESS token reflect a continuation of a prolonged bearish phase, with technical indicators and investor sentiment aligning with downward momentum. The token's price fell to a new short-term low on the day, with traders observing a sharp breakdown from key support levels. The 24-hour drop of 169.21% underscored the fragility of the asset's structure, with no immediate signs of reversal in the near term.

Technical analysts highlighted the absence of a bullish catalyst, with price levels failing to stabilize even after repeated attempts to retest recent lows. The RSI and MACD confirmed a deep bearish bias, with the RSI dropping below 20—a common signal for oversold conditions—and the MACD line falling further below its signal line. These metrics indicated that the sell pressure remained dominant, and a near-term reversal would require a significant shift in either market dynamics or broader sentiment.

Backtest Hypothesis

A proposed backtesting strategy for CHESS incorporates a range of technical indicators including the RSI, MACD, and moving average crossovers. The strategy is designed to identify early signals of trend reversal or continuation, leveraging historical data to simulate potential entry and exit points. In this model, long positions are triggered when RSI rebounds above 30 while MACD shows a positive divergence, and short positions are initiated when RSI falls below 20 and MACD shows a negative crossover. The hypothesis tests the effectiveness of these conditions in navigating the current bearish cycle and identifying potential rebounds from oversold conditions. Preliminary simulations indicate that the strategy could have captured some short-term rebounds, but the overall performance over a sustained bear trend would depend heavily on the depth and duration of the downturn.