Matic platform has been making headlines in recent days as the altcoins daily user activity leapt to new highs! The traffic seems to be the result of Matic’s exciting partnerships ahead. With a series of events scheduled to launch in quarter 4, Matic price looks quite promising. The network is building the best DeFi technology outside of the Ethereum main chain.
Matic Network Daily User Activity Booms Ahead Of Ethereum
The crowd is going crazy to see Matic’s performance over the last few days. Popular Matic fundamental analyst Raphael shared interesting statistical data. The metric revealed that on 27th September 2021, daily user activity on the Matic network surpassed Ethereum. Well, Matic hit 351k daily active users, where Ethereum’s user activity stood at 326k.
Additionally, one of the metrics received from Polygonscan.com hinted that Matic price will go for an aggressive run in Q4! Yes, it indicated a massive uptrend in the HODLer count. Active polygon PoS chain addresses surged from 50k in march to surpassing 350k in September 2021. The network seems to be attempting hard to overtake Ethereum. This is because every upgrade or partnership that comes out of the Matic platform tries to be better than Ethereum.
Recent Matic Partnerships
- On 27th September 2021, VYSYN ventures provided a $30 million fund in order to support gaming projects building on Polygon.
- Recently, HyperPay, a multiple currency payment solutions, collaborated with Polygon. So, users can now check the Polygon dApps on the HyperPay wallet.
- Polygon network soon is going to collaborate with idle finance, a leading yield aggregator. This venture will help users earn the highest rewards from several DeFi strategies.
Matic Price Analysis
The recent market crash in the crypto space impacted MATIC price too. With a slight pull back the price is trading at $1.09 at the press time. Matic price is patiently waiting for a breakout as its major resistance level lies at $1.162. With breakout, the price could skyrocket to new highs!
Matic price would plunge to an immediate support level of $1.030 if the breakdown happens.
Collectively, Matic seems to be a tough competitor for Ethereum with respect to fundamentals and price. The Polygon network is working from roots to strengthen the network for futuristic technology. On the other hand, due to Ethereum’s slow network activity could be another reason the user base is jumping to Matic.
ETH, ATOM & FTT Price To Rally Hard! Traders Keep Watch On These Levels!
Ethereum price was down over 2% at $4,112. Cardano price dropped nearly 3% to $2.16, while dogecoin prices dropped 3% to $0.24. Other digital tokens such as Shiba Inu, Binance Coin, Litecoin, Uniswap, and XRP have all had price drops in the previous 24 hours, but Solana Price is up over 10%.
A popular crypto analyst is mapping out some big price predictions for three large-cap altcoins. The pseudonymous trader Inmortal tells his Twitter followers that in order for the crypto market at large to remain bullish, Bitcoin (BTC) now needs to hold above $61,000.
Ethereum ( ETH )
The second-largest crypto, Ethereum, successfully hit ATH and cleared the $ 4,200 level. ETH Price even surpassed $4,350 but failed to break the $4,400 resistance. Before the downside correction, a high was formed near $4,375.
Currently, Ethereum’s price is now trading at $4139 down by 0.7% in the last 24 hours. The altcoin is still below the $4,200 resistance level. In case the price drops more, it could find support near $4,050 and $4,000.
Inmortal forecasts that Ethereum (ETH), the dominant smart contract platform, would break out from its current price of $4,110 to $6,300 by the middle of November.
Cosmos( ATOM )
In the last 24 hours, ATOM’s price is showing signs of bullish sentiments currently trading at $35.40. The altcoin is all set to test the resistance point, at $37.09. In case the ATOM/USDT breaks this level, we can expect a rally above $40 and Hit ATH.
On the flip side, if the price drops below the $33.82-mark, traders can expect a buying opportunity at $30 which is the major support level.
According to Inmortal, ATOM is worth accumulating as the altcoin is currently consolidating. He believes the crypto asset will trade sideways until early next month, when the resistance at roughly 0.00063 BTC [$39.92] will turn to support, sparking a rise to 0.00094 BTC [$59.56].
FTX ( FTT )
The FTT Price is Currently trading at $64.72 with a more than a 6% surge. It seems that if the bulls hold the control the altcoin might test the resistance levels at $70.88 and $75.09. If the price breaks above these two levels, the $85.33 Level will come to play.
On the flip side, If the FTT price fails to hold above the $60 level or fails to retrace minor correction the altcoin might plunge to a potential low of $51.
Inmortal is also anticipating a substantial increase in the price of FTX Token (FTT), the crypto exchange FTX’s utility token. According to the trader, The accumulation period for FTT has already ended.
By November 10th, he believes the coin will have risen from its present price of around $65.00 to at least $100.
Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs
Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
ETH all-time high? Blink and you’ll miss it
Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.
Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.
Trader and analyst Rekt Capital called the event a “picture perfect rejection.”
At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July.
Bitcoin could see “additional topside euphoria”
Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.
Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April.
Bitcoin funding rates chart. Source: Bybt
As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time high in place until this week.
“This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest market update.
Ethereum Forecast and ETH/USD Analysis October 22, 2021
Ethereum are trading at 4188 and continue to move within the framework of a strong rise and a bullish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $481,387,860,771. Moving averages indicate a short-term bullish trend for Ethereum. Prices went up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the coin and a test of the resistance level near the 3345 area. Where again should we expect a rebound and a continuation of the rise in the Ethereum rate with a potential target above 4955.
Ethereum Forecast and ETH/USD Analysis October 22, 2021
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the level of 3105. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 2705. With the breakdown of the resistance area and closing of quotes above the level of 4505, we should expect confirmation of the development of a bullish movement in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 22, 2021 suggests an attempt to correct and test the support area near the level of 3345. Where can we expect a rebound and the continuation of the rise of the ETH/USD cryptocurrency to the area above the level of 4955. An additional signal in favor of the rise of Ethereum will be a test of the line trend on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 3105 area. This will indicate a continued fall in the digital currency with a potential target below the level of 2705.