ICHI price prediction: Can the coin test new highs in 2022?
Stablecoins – crypto assets backed by traditional financial assets such as fiat currency or gold – have gained popularity as a reliable means of trading other digital assets. According to a recently published European Central Bank report, as of September 2021, almost 75% of trading volume on crypto platforms involved a stablecoin.
ICHI (ICHI), a protocol that enables cryptocurrency platforms to develop their own stablecoins, also witnessed growth in 2021 and reached an all-time high of $28.67 on 16 November, according to CoinMarketCap.
At the time of writing, 8 March 2022, the ICHI coin was trading at $19.52, down more than 32% from its peak. It has also fallen fractionally from the 90-day high of $19.77 it made on 3 March.
Can the ICHI coin move upward and test new highs in 2022? This article covers ICHI token price analysis, along with recent news, developments and fundamental analysis to help you form a reasonable ICHI crypto price prediction.
What is an ICHI coin?
ICHI is a self-sustaining, decentralised autonomous organisation (DAO) administered by its members. Using ICHI, other cryptocurrency ecosystems can set up and manage their own non-custodial oneToken – a stablecoin valued at $1.
OneTokens are stablecoins developed by ICHI specifically for cryptocurrency networks. According to the ICHI documentation, oneTokens are “produced stable tokens which are created for cryptocurrency communities backed by both a collateral reserve and community treasury.” OneTokens retain their value at one dollar and are backed by the native tokens of each oneToken project.
ICHI allows any cryptocurrency project to create a Decentralised Monetary Authority (DMA) to manage their oneToken. DMAs offer any community a framework of smart contracts that enables it to operate its own stable currency in the same manner that a country's central bank maintains its fiat currency.
Each oneToken community has the option of establishing yield-generating trades using its collateral reserves or community treasuries. Given the return on these holdings, they have the option of compensating ICHI holders for engaging in governance proposals.
ICHI is the ICHI Protocol's native governance token; it is necessary for voting and serves as an incentive within the ICHI community. ICHI's supply is hard-capped at five million tokens. It is distributed on Ethereum (ETH) network on a per-block basis to liquidity providers.
The ICHI token’s governance incentives are only available to users who have submitted ideas, commented on them, reviewed them, and/or voted for or against them.
ICHI coin news and price drivers
The project has undergone several important updates lately, which may affect the ICHI coin value:
Partnership with Risk Harbor
ICHI teamed up with Risk Harbor, a risk management marketplace, in March 2022, to provide peg protection to ICHI’s first Angel Vault Branded Dollars, which are used by Uniswap(UNI), ShapeShift (FOX), Fuse (FUSE), and Wing Finance (WING) communities.
As a result of this collaboration, Risk Harbor’s fully automated risk management marketplace will safeguard DeFi customers if token prices ever deviate from their peg. This protects ICHI’s brand dollars and, according to the press release that accompanied the move, gives them “the best stable asset coverage in the industry.”
Partnership with Rari Capital
ICHI also collaborated with Rari Capital in January 2022 to provide liquidity and make lending and borrowing more flexible in the market.
As a result of this collaboration, ICHI established a Fuse Pool on Rari Capital, allowing all members of the ICHI community to borrow against the community's assets.
According to the official statement, establishing a decentralised lending and borrowing pool would enable DeFi users to take advantage of new opportunities.
Launch of oneFOX token for ShapeShift
The latest activity follows incentives undertaken in the latter half of 2021. These included ICHI launching the oneFOX token in November 2021 for ShapeShift, a Swiss-based cryptocurrency exchange. Each oneFOX token will be tied to the US dollar and backed by ShapeShift's native FOX token and another well-known stablecoin, USD coin (USDC).
Launch of onePERL token for Planet Earth
In August 2021, ICHI introduced onePERL token for Planet Earth, an environment-focused cryptocurrency project.
According to the press release, it was DeFi's first carbon-neutral stablecoin launch. ICHI established a decentralised monetary authority (DMA) for the PERL.eco ecosystem, enabling the PERL.eco community to oversee minting, redemption, and treasury strategies to facilitate wealth accumulation inside its ecosystem.
The PERL.eco team pledged to offset the carbon impact of the whole minting and launch processes of onePERL, ensuring a zero-carbon footprint.
There's an ongoing vote for $onePERL, a governance token with stable value for https://t.co/XHApjvv8Cj being held at @ichifarm governance pagehttps://t.co/2367BiCDJx
— PERL.eco (@PERL_eco) August 11, 2021
To learn more about this proposal, refer to this Medium article containing more details.https://t.co/HNmtkGPdqb
ICHI/USD price analysis
Based on the earliest available price data from CoinMarketCap from 2021, the ICHI coin spiked from $3.76 on 16 January to $19.31 on 22 March, an increase of 414% in a little more than two months. The broader crypto market was bullish during this period. Bitcoin (BTC) price spiked nearly 51% from $36,178 on 16 January to $54,529 on 22 March.
Further, ICHI token price declined to $9.99 on 23 April and bottomed to its all-time low of $2.31 on 22 June. After hitting the low, the price gained some traction, and the ICHI token reached $5.04 on 15 November.
On 16 November, the market sentiments turned bullish. Ether (ETH), the world’s second-largest cryptocurrency, reached an all-time high of $4,891.70. Riding on the overall bullish cryptocurrency sentiment, ICHI also reached an all-time high of $28.67 on 16 November, representing an intraday gain of nearly 469%. The rally was short-lived, however, and ICHI closed the day at $4.67, down almost 84% from the day’s high. The price action trended sideways through the rest of the year, closing 2021 at $5.21.
ICHI token found a bullish start to 2022, and its price spiked from an opening price of $5.21 on 1 January to its 90-day high of $19.77 on 3 March. At the time of writing, 8 March 2022, the ICHI token was trading at $19.52 and had a market capitalisation of $82m.
ICHI (ICHI) price prediction: Targets for 2022, 2025 and 2030
On 8 March, CoinCodex’s short-term technical sentiment was bullish for ICHI, with twenty-three indicators showing bullish signals and two bearish.
All the daily and weekly simple moving averages (SMA) and exponential moving averages (EMA), as well as the volume-weighted moving averages (VWMA), indicated Buy signals.
The moving average convergence divergence (MACD), Williams percentage range and the Stochastic RSI (Stoch RSI) were neutral. Meanwhile, the Hull moving average (HMA) and average directional index (ADX) turned bearish.
According to the ICHI future price prediction from CoinCodex, the coin’s price could increase by 0.36% to reach $19.75 by 13 March 2022.
Giving longer-term forecasts for the ICHI token price, algorithm-based forecasters set various targets as of 8 March.
According to Wallet Investor, the average price could reach $21.31 by the end of 2022, $28.87 by the end of 2025 and $32.02 by February 2027.
Digital Coin’s ICHI coin price prediction was more bullish. The service suggested the average price of ICHI in 2022 could be $25.40, $29.16 in 2023, $37.69 in 2025 and $90.58 in 2030. It expected that by 2031 the coin could cross the $100 mark and reach $102.03.
According to Price Prediction’s ICHI forecast, the average price could reach $27.27 in 2022, $91.30 in 2025, $614.64 in 2030 and $875.84 in 2031.
When looking for an ICHI price prediction, bear in mind that analysts’ and algorithm-based price targets can be wrong. Their ICHI forecasts are based on fundamental and technical studies of a cryptocurrency’s past performance, which is no guarantee of future results.
It’s essential to do your research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio, and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
FAQs
Will the ICHI coin reach $100?
According to the ICHI forecast by Price Prediction, as of 8 March, the ICHI token price could exceed $100 by 2026, but such sites do get their forecast wrong.
Is ICHI coin a good investment?
ICHI is an autonomous, community-governed protocol that enables any cryptocurrency project to establish and manage its own non-custodial oneToken, a $1 stablecoin. The protocol has developed numerous partnerships, including those with Rari Capital and Planet Earth. ICHI coin’s price action has been bullish since the beginning of 2022, defying the bearish trend in the broader cryptocurrency market.
Whether the ICHI cryptocurrency is a good fit for your investment portfolio depends on your circumstances and risk tolerance. You should estimate the level of risk you are ready to take before investing. And always conduct your own research before making any investment decision.
How high can the ICHI token go?
As of 8 March, algorithmic forecasting tools, including Wallet Investor, Digital Coin and Price Prediction, suggested that the coin has the potential for gains in the future but gave various price targets. According to Price Prediction, it could go as high as $1,020 in 2031. Note that analysts’ predictions and algorithm-based price targets can be wrong.
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