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MATIC

MATIC’s down-channel projects two possible breakout scenarios

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MATIC is undergoing a bearish crunch at the moment, with its 4-hour RSI and MACD trading below their respective half-lines. Having shed nearly 20% of its value within a down-channel which has lasted for 11 days, MATIC seemed to be eyeing a northbound breakout to get back rolling above the $2-mark.

On the other hand, bears can trigger a breakdown if MATIC weakens below the 38.2% Fibonacci level.

At the time of writing, MATIC was trading at $1.73, up by 1.3% over the last 24 hours.

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MATIC 4-hour Chart

Source: MATIC/USD, TradingView

Consistent lower highs and lower lows marked a descending channel for MATIC, with the same holding firm since 3 November. During this period, MATIC slipped below its 50-SMA (yellow) and 20-SMA (red), now functioning as resistance. Should MATIC weaken further below its 200-SMA (green), a fresh low can be expected at the 38.2% Fibonacci level.

From there, a breakdown would come to light if MATIC cuts below $1.61. A move back into the value zone would be a bearish sign and point to more downside towards the 50% Fibonacci level.

Interestingly, MATIC’s indicators seemed to line up a favorable outcome. The RSI attempted to breach the mid-line thrice over the past week. If the index manages to push above 55, an uptrend would be active. Similarly, the Awesome Oscillator’s bullish twin peak also concurred with an upwards breakout.

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For a bullish outcome, MATIC would need to close above the confluence of its 50-SMA (yellow) and 23.6% Fibonacci level. A breakout backed by strong volumes would set MATIC on course for $2.50 after negotiating past sellers at $2.26.

Conclusion 

While the RSI and Awesome Oscillator flashed optimistic signals, the Directional Movement Index still favored the bears. Hence, a clear-cut outcome was yet to be established. Traders should observe the MATIC market carefully over the coming sessions for additional cues.

A close below the 38.2% Fibonacci level could trigger a breakdown and on the flip side, a move above the 23.6% Fibonacci level would lead to a northbound push.

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Crypto Whale

Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours

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Two of WhaleStats’ top 1,000 Ethereum wallets just bought 900,000 and 999,990 MATIC tokens, respectively.

Two Ethereum whales have added the amount of 1,899,990 MATIC ($4,417,976) in the last 24 hours, according to crypto whale tracker WhaleStats. Two of the largest 1,000 Ethereum wallets tracked by WhaleStats just purchased 900,000 and 999,990 MATIC tokens, or $2,087,999 and $2,329,977 worth, respectively, as Polygon continues to be a top choice among large investors.

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MATIC, the native token of the Polygon blockchain, has risen from Dec. 4 sell-off lows of $1.62 to highs of $2.52 on Dec. 7, a nearly 55% gain.

MATIC was slightly higher at $2.35 at press time. Aside from the whale buy, the price increase is the result of more users becoming aware of Polygon’s cheaper prices, increased efficiency and scalability. The anticipation for Polygon’s virtual “zk day,” which is set for Dec. 9, is growing. The focus of the event will be on the applications of zk-STARKs and zero-knowledge (ZK) proofs, with Ethereum co-founder Vitalik Buterin expected to speak on the panel.

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Polygon is a Layer 2 product that speeds up transactions by working on top of primary blockchains. It focuses on solving the Ethereum network’s scalability issues, which have resulted in congestion and high fees.

Polygon’s MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.6 billion, according to data from CoinMarketCap.

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MATIC

MATIC, BNB, LUNA, And INJ’s Odyssey To The Moon!

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Altcoins from the crypto sphere have been raging ahead at an impeccable rate, in terms of growth metrics, adoptions, and alliance. The flight path of numerous digital assets has been startling for the masses in the business. The code of conduct practiced by several altcoins has been challenging to most of the top-tier digital assets.

A protagonist from the industry illuminates altcoins like MATIC, BNB, LUNA, and INJ. While citing the tenacity of the blockchain in professing adoptions and alliance. Buyers from the crypto town have been holding digital assets while hunting for newer ones.

Will Altcoins Scrape The Limits Of The Sky?

The protagonist from the industry edifies MATIC, BNB, LUNA, and INJ. Which have been ascending in terms of utility and growing adoption. The aforementioned cryptos have been making their presence felt amongst enthusiasts in the crypto town.

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Polygon (MATIC)

Polygon teams up with Wanchain to launch a decentralized layer-2 to layer-2 cross-chain bridge connecting Arbitrum and Polygon PoS. This bridge empowers Polygon’s growing suite of solutions including Hermez, PoS, SDK, and Avail. The initiative would energize the growth metrics of the network while boosting the price. Owing to Arbitrum being the finest Ethereum roll-up solution. While Polygon is the top sidechain solution. 

Binance Smart Chain (BNB)

Binance Smart Chain has implemented a fee-burning mechanism for its native token BNB. The gumption similar to that of Ethereum’s EIP-1559 could help numbers improve with on-chain metrics. The platform is the second most used blockchain in the world of De-Fi by TVL and transactions could benefit immensely from the burn.

Injective Protocol (INJ)

Injective Protocol will be launching gas-free deposits, the new users can earn rebates from transfer and trades on Injective Labs. The reimbursement can be claimed for any gas transfer fees that the user has incurred. 

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The makers have set forth a $120 million incentive program, such that users can earn rewards with every trade. The Injective bridge will be connecting to Terra. The platform will also be hosting a GuildFi token. 

Terra (LUNA)

Terra is currently the third-largest blockchain by total value locked. The altcoin is ranking behind Ethereum and Binance Smart Chain while being ahead of Solana and AVAX as cited by the proponent. The ranking is despite the fistful applications being based on. 

The industry proponent mentions that the platform could see a large amount of burn taking place. To get access to UST stable coins to enter Terra-based De-Fi. Which could also fuel the price to soar higher.

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Collectively, the aforementioned digital assets have been receiving impetus at a steady rate, owing to the potential of the protocol. Enthusiasts from the communities are optimistic of the digital assets soaring higher with the commencement of the bull run.

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MATIC

MATIC, LUNA, and OKB Price To Pull-Off a Great Rally! Here’s What to Expect!

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The world’s most valuable cryptocurrency is currently down more than 25% from its all-time high near $69,000 in early November. Bitcoin has entered bear market territory for the first time. Ethereum has rebounded from its most recent drop, has broken over a major barrier, and is now trading near $4,500. The market has regained its confidence. Amidst the market breakdown, a few altcoins like Matic and LUNA are performing extremely well.

LUNA Price to pull off a 50% rally

According to the host of the famous crypto channel Coin Bureau, an Ethereum (ETH) rival might soon pull off a 50% rally, and the worst of Bitcoin’s (BTC) drop is likely over. Guy, a pseudonymous crypto analyst, tells his 1.7 million YouTube fans in a new video that he’s interested in Terra, an open-source blockchain payment network (LUNA).

Demand for stablecoins on the platform and a recent protocol improvement, according to Guy, are driving LUNA’s recent strong price action. And, despite a minor correction over the weekend, if LUNA can return to $75 in the coming days, a $90 LUNA is on the way.

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At the time of writing Terra is up by 12 percent and is trading at $72.

MATIC, OKB Price 

Polygon, an Ethereum scaling solution, is also on Guy’s radar (MATIC). MATIC Price recent surge, according to the analyst, could be in anticipation of an event at which Polygon wants to make a “major announcement.”

Guy also mentions OKB, the crypto exchange OKEx’s utility token, hinting that despite the recent market activity, he would not trade the utility token.

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“OKB has done nicely in the last year, but it pales in contrast to BNB [Binance Coin] and FTT [FTX Token].”I wouldn’t give financial advice, but I’d stick to traditional cryptocurrencies.”

At the time of writing, OKB was trading at $27.7, up 9 percent for the day.

Bitcoin Price

When it comes to Bitcoin, the crypto analyst believes the recent meltdown was caused by a domino effect of traders liquidating their positions. Despite the drop, Guy believes the king cryptocurrency has strong support near the 200-day moving average, which is now around $46,500.

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