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Polygon Price Feels The Heat As MATIC Retreats To $0.60

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Polygon

After its bullish shindig seen last week, Polygon (MATIC) price is now going the opposite direction as it continues to plunge to $0.60. MATIC is seen to have plummeted by more than 20% in comparison to its peak high of $0.97 as seen in the past couple of days. The coin’s price has dropped below the support line of $.080 and shows no sign of a slowdown.

The MATIC/USD has declined by 3.66% or at $0.74 as of this writing. CoinMarketCap is also showing a 10% slump in the 24-hour trading volume which is at $815,456.

On the brighter side, the daily chart shows the MATIC price going for a bullish or Inverted Head & Shoulder formation.

Related Reading | Polygon (MATIC) Looks Set For A Retracement After Recent Gains

Current Technicals Bearish For MATIC

The breach started on July 13 and registered a peak high of $0.97 as seen on July 18. But, the bulls weren’t able to hold on to their gains and dropped miserably. The daily chart showing two red consecutive candlesticks implies that the bears will not go up anytime soon.

Meanwhile, a breach below the $0.70 mark confirms MATIC’s dominance and that the next support is at the $0.60 mark. The current RSI is showing bearish momentum now at 50 or falls below the average line. More so, the MACD bullish indicator is also showing signs of a slowdown.

On two separate hourly time frames, Polygon was caught to be heading for a bull run in the short term. The price was captured to be going towards the descending route. It also formed the Flag & Pole pattern which is bullish and has the support level held close at 50%.

Once the current support at $0.7495 is breached, then a decline may be apparent at $0.6895.

On the other hand, if buying pressure mounts from the lower level, a surge that shoots towards the $0.8155 and $0.905 levels can be expected.

MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com

Polygon Rolls Out ZKEVM

Polygon is popular for its remarkable improvements in terms of speed and affordability. Its efforts have been in tune with scaling ETH since the day of its launch. However, Polygon has faced enormous challenges such as when ZK rolled up its smart contracts which have restricted users as the contracts are said to be costly, incompatible, and sluggish.

But, Polygon decided to improve and resolve issues with the rollout of ZKEVM. Polygon created ZKEVM to be compatible with ETH. Now, developers can build on ZKEVM similar to Ethereum. In effect, any ETH smart contact or tool which works well with Ethereum can work too with Polygon ZKEVM. With that in mind, the ETH network can be easily leveraged to take advantage of the enhanced speed and reduced costs.

Related Reading | Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

Featured image from The Daily Hodl, chart from TradingView.com
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A Brief Overview of Cryptofinance Platform: Cake DeFi

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A Brief Overview Of Cryptofinance Platform: Cake Defi

The Singapore-based cryptofinance platform Cake DeFi has now launched its Q2 Transparency Report, which details the company’s accomplishments for the period. Despite Q2 2022 being one of the worst times for the cryptocurrency industry and the overall investment sector, Cake DeFi experienced its best quarter ever in terms of user growth, funded accounts, and payments.

The Cake DeFi Committee has preferred to further diversify its treasury by investing 15 million dUSD in decentralized assets including dTSLA, dTLT, and a few others, building on the company’s strong financial standing. Additionally, despite how much the broader markets’ prices have fallen, there may be a lot of potential upside. This will be made entirely public by Cake so that everyone may follow the progress.

According to the Cake DeFi report, user growth each week on average was 3.25% in Q2. In the second quarter, Cake DeFi threw away $58,000,000 in rewards to its clients, bringing the total given out to US$375,000,000 since the company’s founding. Cake has a positive cash flow and is actively growing its employees, in contrast to its competitors. Even if all sales abruptly stopped, it would still have enough cash on hand to operate for at least four years. Additionally, the mobile app’s user interface has been updated, and automated KYC approval times have been improved up to 3 minutes.

Cake DeFi Product feature:

Cake DeFi offers three main products,  liquidity mining, lending, and staking. The other two products are the newly released Borrow and the Freezer. Users of the Staking product can obtain rewards while assisting with the security of blockchains. Users can borrow Decentralized USD (DUSD) that was created on the DeFiChain blockchain by easily pledging Bitcoin, Ethereum, Tether, USDC, or DFI as security.

Liquidity mining: By allowing trades between two separate token pairs on a decentralized exchange, users can generate annual profits of up to 45.4%. Lending Cake enables users to borrow up to 6.5% APY on their cryptocurrency holdings, including Bitcoin, Ethereum, USDT, and USDC. And Freezer: It freezes the allocated funds for two times the rewards for up to ten years.

Cake is a robust financial fintech platform that complies with FATF requirements. Additionally, it recently joined Coinbase TRUST to adhere to the Travel Rule regulations while safeguarding consumer security and privacy.

Furthermore, the DeFiChain blockchain is the place where decentralized assets, or dTokens, are minted. The prices of the underlying stocks were rather mimicked by these blockchain-based tokens. On Cake DeFi, you may trade decentralized tokens with prices that mimic those of various well-known equities, like Apple, Tesla, Intel, the S&P 500, and many others. Additionally, users can mine for liquidity using the dTokens to receive additional rewards.

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SHIB On Fire – And A Bull Run Could Be Around The Corner – Here’s Why

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Shib

Shiba Inu (SHIB) price has spiked by over 30%, signifying a bull run may not be far away.

  • SHIB price surged by over 30% on August 14
  • Shiba Inu trading volume peaked to 700% yesterday; highest since April 12
  • SHIB registers extended period of MDIA which means traders must exercise caution

SHIB price has peaked to as high as $0.00017, which is considerably the highest it has been since May 10. More so, trading volume has also climbed to 700% over the weekend which is the highest registered since April 12.

Shiba Inu network registered a huge uptrend in whale transactions soaring to as much as $100,000 as seen in August trading session. Considerably, around 400 whale transactions were done catapulting to a record-breaking transactions amounting to more than $100,000 that SHIB was able to log in the past few months.

SHIB Daily Chart Shows Premature Bull Run

Judging by the movement of SHIB on the daily chart, it seems that the price spike seen over the weekend is a premature call for a bull run.

With the MFI and RSI chartering the overbought zones, the MACD position isn’t showing any potential bull run. Apparently, there were no intersections seen between the trend lines and MACD that could hint a gigantic uptrend.

According to CoinMarketCap, SHIB is up by 2.72% or trading at $0.00001619 as of this writing. Despite the coin soaring in value overnight, the MVRV for 1D is low at -7.498% which hints that only a few investors gained profit from the price rally yesterday.

On the other hand, the MVRV for 30D is seen to be positive at +28.32%.

SHIB Shows Extended MDIA

Another metric to be considered by investors is the MDIA or Mean Dollar Invested Age which refers to the mean or average of all the tokens and/or coins on the blockchain based on price.

When the MDIA increases, it signifies that the tokens are lying dormant in wallets. An extended period of MDIA uptrend warns that the network is in a lull or stagnant phase which will make it extremely hard to push the price up.

Shiba Inu’s MDIA shows that its MDIA has been stretched for a long time or six months at most. With that being said, traders must always be cautious in taking trading positions because the MDIA indicates that SHIB may fall.

Another dog meme coin, Dogecoin (DOGE) also logged remarkable gains in yesterday’s trading session even without any support from Elon Musk who has been unusually silent about the coin for several months now.

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Ethereum Indicators Suggest ETH at Potentially Significant Turning Point

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Ethereum

Ethereum is slowly moving lower below $1,900 against the US Dollar. ETH must stay above $1,850 to avoid more losses in the near term.

  • Ethereum started a downside correction below the $1,920 level.
  • The price is now trading below $1,920 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if it stays below $1,900 and $1,950.

Ethereum Price Faces Resistance

Ethereum started a downside correction from well above the $2,000 resistance zone. ETH slowly moved lower below the $1,950 and $1,920 levels.

There was a clear move below the $1,900 level and the 100 hourly simple moving average. Ether price traded as low as $1,854 and remained stable above the $1,850 support zone. It is now consolidating losses above the $1,860 level.

An immediate resistance on the upside is near the $1,900 level and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low. There is also a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD.

The first major resistance is near the $1,920 and $1,925 levels. The key breakout zone is forming near the $1,950 level or the 50% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,950 resistance could start a steady increase to $2,000. If there are more upsides, the price may perhaps gain bullish momentum and test the $2,080 resistance zone in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,925 resistance, it could continue to move down. An initial support on the downside is near the $1,860 zone.

The next major support is near $1,850, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,810 level. If the bears remain in action, the price could even drop towards the $1,750 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,925

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XRP Price Could Rise If It Clears This Price Barrier

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Xrp Price

XRP Price has witnessed consolidation between the $0.30 and $0.37 mark for a considerable number of trading sessions. Over the last 24 hours, the altcoin has managed to hover around the same price mark without losing its market value. In the past week, XRP price has lost 2% of its value.

Lateral trading had caused buying strength of the coin to be be affected. For the bulls to take charge, it is important for XRP to break past its sideways trading. XRP had formed higher highs and higher lows at the end of July. The bulls don’t seem to be able to push past the $0.37 mark.

This could be pointed towards the lack of demand for XRP. The $0.37 mark has been a propelling point for the altcoin’s price, however, the bulls could not hold on to the momentum even then. With Bitcoin receding on its chart, many altcoins have also followed the same sentiment on their respective charts. Demand and broader market strength remain crucial for XRP.

XRP Price Analysis: Four Hour Chart

XRP was priced at $0.37 on the four hour chart | Source: XRPUSD on TradingView

The altcoin at the time of writing was trading for $0.37. XRP had witnessed sharp resistance at the $0.39 price ceiling. Incase XRP price manages to topple over the $0.39 level, there could be a possibility for a rally. Additional resistance mark for the coin was at $0.40.

The local support for XRP rested at $0.34. A fall below the $0.34 level will cause XRP to trade at $0.31. Amount of XRP traded over the last session had increased as the sellers were dominating the price action.

Technical Analysis

Xrp Price
XRP registered fall in buying strength on the four hour chart | Source: XRPUSD on TradingView

A continued sideways trading with XRP price oscillating between $0.30 and $0.37 has pushed buyers out of the market slowly. The technical indicator for the coin displayed that.

The Relative Strength Index was below the zero-line because sellers were more compared to buyers in the market. It was a sign of bearishness.

XRP price was pictured below the 20-SMA line which again is a sign of the bears resurfacing as the sellers were driving the price momentum in the market.

Xrp Price
XRP displayed sell signal on the four hour chart | Source: XRPUSD on TradingView

The fall in buying strength gave rise to sell signal for the altcoin at the time of writing. The indication of the sell signal meant that the bearishness was still prevailing. The Moving Average Convergence Divergence tells the price momentum with possibility of reversals.

MACD witnessed bearish crossover and formed the red histograms which are related to the sell signal. Bollinger Bands indicate the price volatility, thereby, pointing towards chance of price fluctuation. The bands became broader which meant that XRP price could witness upcoming price volatility.

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Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K

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Bitcoin

Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels.

  • Bitcoin is slowly moving lower and trading well below the $25,000 level.
  • The price is now trading below the $24,200 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $23,650 and $23,500 support levels in the near term.

Bitcoin Price Turns Red

Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.

There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low.

There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.

The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $25,000 resistance. Any more gains might send the price towards the $25,800 level.

More Losses in BTC?

If bitcoin fails to clear the $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.

The next major support now sits near the $23,450 level. A downside break and close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,650, followed by $23,500.

Major Resistance Levels – $24,020, $24,450 and $24,500.

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Bitcoin Poised For Recovery, Relief Summer still In Play?

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Bitcoin Poised For Recovery, Relief Summer Still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th.

Bitcoin Poised For New Rally

In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925. Since then, it has partially recovered its value and today saw its first test of $25,000.

Bitcoin continues to rule the charts despite being down 46.5% from its previous high, but its dominance has decreased to slightly under 40% as opposed to more than 50% a few months ago.

BTC/USD trades slightly below $24k. Source: TradingView

However, Bitcoin has been relatively peacefully fluctuating horizontally over the past two weeks between $22,500 and $24,500. At the same time, recent weeks have seen a significant recovery in both commodities prices and stock markets. As a result, the overall financial markets are experiencing the anticipated summer rally.

Since attitude had reached a severe panic state in the middle of June as a result of the financial markets’ steep, month-long decline, perception among participants has greatly improved during the course of the most recent rebound. This in and of itself is a well-known bear market pattern. However, it won’t be known whether and how the bears will return until around mid-September.

Over the previous four weeks, the Crypto Fear & Greed Index has made remarkable progress. The sentiment is still largely scared, though. Fear still permeates the cryptocurrency industry seven months after the devastating sell-off.

1660703779 954 Bitcoin Poised For Recovery Relief Summer Still In Play

Crypto Fear & Greed Index, as of August 11th, 2022. Source: Lookintobitcoin

The feeling of being defeated permeates the wider picture as well. There are several excellent contrarian opportunities in this setting.

Overall, there is still a contrarian buy signal due to the scared mindset.

Sharp declines in the financial markets would be extremely detrimental to retain the current administration in office given the midterm elections on November 8th in the US. As a result, only a slight decline in the financial markets in September would be more likely. The markets could then rise from those lows until the American election.

Since November 2021, the equity and cryptocurrency markets have been under intense pressure for months, but a broad rebound has now been going on for little over four weeks. The Nasdaq Composite, which is heavily weighted toward technology, has increased by over 20% from its low on June 16th as a result of this procedure, adding over $420 billion to its market value. This would imply that the bear market is officially over.

Related Reading: Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Featured image from Getty Images, chart from TradingView, and Lookintobitcoin
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