Februar | 2023 | Der Junge Karl Marx

MATIC Bulls Beaten: Watch for Imminent Support at $1.3

admin - Februar 23rd, 2023

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• Polygon (MATIC) price has found a local top at the $1.5 key resistance and sellers are taking over.
• Trading volume is increasing and the daily RSI, MACD are all in bearish territory.
• The bias for MATIC is bearish and a correction seems more probable at this time.

MATIC Bulls Beaten at $1.5

The rally on Polygon (MATIC) has come to an end with the completion of its Elliot impulse wave, pushing it back below the key resistance of $1.5 after briefly moving above it. This shift in momentum has allowed bears to take control of the price action, aiming to push it towards key support levels of $1.3 or even $1.

Trading Volume & Indicators

The selling volume for MATIC tokens is increasing which is also reflected in its current price action; as seen from daily RSI, MACD which have all shifted into bearish territories from their previous overbought positions.

Bearish Bias For MATIC

Due to the rejection at the $1.5 price level, hopes for this cryptocurrency going higher have been put on hold; with a correction seeming like a more probable scenario at this time and how the market will play out yet to be seen.

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Disclaimer

Information provided by CryptoNewsZ does not constitute as financial advice and should not be taken as such. All information provided here is purely for informational purposes only and should not be seen as any kind of investment advice or recommendation about any particular course of action

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Bitcoin NFT Mania: 100K+ Ordinals Inscribed on Network

admin - Februar 16th, 2023

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• Bitcoin NFTs are driving an increase in block size and attention, with more than 100,000 ordinals inscribed on the network.
• Multiple high-end sales have already taken place within the first 1,000 inscriptions.
• Today marks a new milestone for this space with the 100,000th inscription taking place.

Bitcoin NFT Mania

Bitcoin Non-Fungible Tokens (NFTs) have been creating a buzz recently with their impact on the Bitcoin network’s block size and attention from the community. Ordinals have been making headlines as they continue to be inscribed onto Bitcoin’s blockchain; today marks the milestone of 100,000 inscriptions!

High-End Sales

Within just the first 1,000 inscriptions carried out on Bitcoin’s network, multiple high-end sales already took place. The all time high was set by Ordinal Punks who sold one of their works for a jaw dropping price.

100K Inscriptions

Dune Analytics reports that there are currently around 106K inscriptions carried out on the protocol – highlighting how quickly people are using this new feature. It should also be noted that at present, inscription requires users to maintain a fully synchronized Bitcoin node – making it a highly technical process!

Taproot Usage Soars

With increasing interest in Ordinals on Bitcoin – Taproot usage has also seen an upward trend as well. This is due to increased demand from miners and nodes who want to take advantage of taproot’s features which offer enhanced privacy and greater scalability for transactions on Bitcoin’s network.

Six Year High Miner Sell Pressure

As interest in NFTs grows so does miner sell pressure which has now reached its highest level in six years according to recent data gathered by Chainalysis researchers – indicating that miners are selling off large amounts of bitcoin in order to capitalize on current market trends and prices.

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XRP Price Action: All Eyes on $0.40 as Range Tightens

admin - Februar 8th, 2023

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• Ripple (XRP) price is struggling to break the significant descending trendline at $0.42 and faces a critical support level of the 200-day moving average.
• Technical analysis shows that XRP is stuck in a tight range between $0.42 and $0.395, which may lead to an impulsive move if either level is broken out of.
• If XRP finds support at the mid-range level of $0.386, it might initiate a rally, whereas a drop below its prior low could lead to a reversal towards the $0.33 region.

Ripple Price Analysis

Ripple’s price has been unable to break through the significant descending trendline at $0.42, resulting in choppy price action as it consolidates around its current levels. The cryptocurrency now faces a critical support level of the 200-day moving average at $0.395 which will be key for any further direction in price movements for XRP/USD pair going forward.

Daily Chart

On the daily chart, it is evident that after failing to surpass the resistance at $0.42 and being rejected from the trendline multiple times, Ripple’s price has dropped slightly and currently sits just above its 200-day moving average at $0.395 forming a very tight range between these two levels with an enormous amount of liquidity on both sides of this range waiting for a breakout from either direction so as to initiate an impulsive move by either buyers or sellers depending upon whether there is bullish or bearish momentum driving prices higher or lower respectively .

4 Hour Chart

In terms of technical analysis on 4 hour time frames, it can be seen that after touching highs near $0.42 region previously, XRP/USD pair has failed to generate another higher high due to weakening bullish momentum and was rejected from breaking out from the descending trendline yet again which puts us back into consolidation mode with mid-range support being provided by prior central pivot point located at around 0$386 mark where we would expect buyers coming in if prices dip down below this area while on other hand if they manage to break upwards above 0$42 then we could expect some heavy buying pressure pushing prices significantly higher than their current levels right now .

Conclusion

Ripple (XRP) appears poised for further directional movements depending upon whether bulls are able push past resistance levels or bears take control by taking out key support areas such as 200 day moving average or even pushing down below our mid-range support located at 0$386 mark where if this happens then next major area for potential downside targets would be 0$33 region .

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