Posted on

MATIC Propels Over $0.75, Is $1 Possible?

Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.

MATIC Experiences Price Growth

The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.

The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.

MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.

MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout. 

MATIC

MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.

While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.

Significance Of The Crypto’s Market

Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.

MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.

Related Reading: MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.

In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.

So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.

Posted on

Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

Cardano (ADA) is one of the tokens currently in the limelight as many projects do well in the ‘Atcoin Season’ as Bitcoin’s dominance cools off. The token has rallied in recent days, and one of the reasons for this resurgence has been revealed. 

Cardano Whales Are Accumulating   

In a post on their X (formerly Twitter) platform, blockchain analytics platform IntoTheBlock noted that investors’ confidence in the Cardano token grew in October as ADA whales and investors accumulated 1.89 billion ADA during that period. This translates to over $600 million invested in ADA tokens. 

Interestingly, the decision by these big holders already seems to be paying off as the majority of this accumulation is said to have taken place between the price range of $0.249 and $0.271. These big holders could be accumulating for the long term rather than moving to realize their profits as soon as possible, and these could sustain a price rally to $0.4.

Back in August, the market intelligence platform Santiment highlighted the fact Cardano was seeing its highest level in accumulation dating back to September 2022, as “whales and sharks” who were holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.

However, the sentiment toward Cardano seemed to turn bearish in September, as data from Santiment revealed that these Cardano whales had sold or redistributed about 1.02 billion ADA during a certain period in the month. 

Can ADA Hit $0.4?

It remains to be seen whether this accumulation phase could trigger a run to $0.40. There is, however, no doubt that these whales dumping their tokens in a bid to realize profits would significantly affect Cardano’s resurgence. 

Dan Gambardello, the founder of Crypto Capital Venture, had mentioned while providing a technical analysis that Cardano’s current run could see it peak at $0.40 while almost ruling out the possibility of the token hitting the $0.45 price target before a retracement happens.

Speaking of a possible retracement, Gambardello stated that ADA could drop to around $0.29 and $0.30 based on the moving average structure. 

Another crypto analyst, Ali Martinez, also echoed this prediction as he mentioned in an X post that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction to the $0.30 support level. 

At the time of writing, ADA is trading at around $0.35, up by over 1%, according to data from CoinMarketCap. 

Cardano ADA price chart from Tradingview.com

Posted on

Exploring The Resurgence Of BNB: Unveiling The Force Behind Renewed Interest

Binance Coin (BNB) has experienced a notable resurgence in the last few weeks, sparking a renewed interest in the cryptocurrency market. With its versatile applications and growing popularity, BNB has captured the attention of influential investors, leading to a surge in on-chain activities that have stirred the digital asset community.

The latest developments surrounding BNB reveal intriguing movements within the crypto space, particularly with the recent actions of a prominent whale investor. 

Whale’s Strategic BNB Acquisition And Deployment

According to a recent report shared by Lookonchain, a significant whale recently acquired a substantial amount of BNB, totaling 22,319 coins valued at a staggering $5.6 million. In an unexpected move, the whale swiftly withdrew the acquired BNB from the Binance exchange over the course of the last three days.

Rather than holding the assets, the whale strategically injected these tokens into liquidity pools on both Biswap and PancakeSwap, aiming to generate additional revenue through trading fees.

The implications of this large-scale BNB movement have been manifold, triggering notable fluctuations in the coin’s price and market positioning.

At the time of reporting, BNB is trading at $245, experiencing a minor dip of 2.2% in the last 24 hours. However, this dip comes amidst a significant seven-day rise of nearly 10%, indicating the ongoing dynamic nature of BNB’s value within the market. 

While these fluctuations are not uncommon within the volatile crypto sphere, the recent whale activity has certainly played a pivotal role in shaping BNB’s current trajectory.

Market Impact: BNB’s Price Volatility

The significance of the whale’s strategic investment and subsequent actions on Biswap and PancakeSwap cannot be understated. By adding a substantial amount of BNB to the liquidity pools, the whale has effectively contributed to the overall liquidity and trading volume of these platforms, potentially enhancing the overall ecosystem for BNB and other associated tokens. 

This move not only demonstrates the growing confidence in BNB’s potential but also highlights the increasingly diverse strategies that influential investors are employing within the cryptocurrency landscape.

Amidst these developments, BNB recently faced a temporary setback as XRP, the cryptocurrency associated with Ripple, briefly surpassed BNB in terms of market capitalization, relegating BNB to the fifth position.

However, the setback proved to be short-lived as Binance Coin swiftly reclaimed its fourth spot from XRP, underscoring its resilience and enduring appeal within the competitive cryptocurrency market.

With growing investor interest and strategic maneuvers shaping its trajectory, BNB’s chart in the coming months is poised to be a compelling narrative within the ever-evolving world of cryptocurrencies.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock