$CHIP USDT 1-hour chart indicates that the asset is currently testing a significant support zone after a sustained bearish move. Trading at 0.05381, $CHIP is hovering just above its 24-hour low of 0.05337, which has become a critical level for buyers to defend to prevent further downside. While the daily price change shows a decline of over 6%, the intense selling pressure appears to be slowing down as the price reaches this oversold territory. A successful hold at this current base could spark a technical relief rally toward the 0.05700 resistance area. With substantial 24-hour volume in the DeFi sector, market participants are closely watching for a potential double-bottom formation or a breakout above the immediate short-term descending trendline.