Crptocurrency
MATIC Propels Over $0.75, Is $1 Possible?

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MATIC Sees An Increase in Price
In what is considered to be a month of green (gains), October ended recently, and certain cryptocurrencies had quite strong performances. Over the previous month, a lot of altcoins saw price increases; MATIC is one prominent altcoin that profited from this.
The cryptocurrency asset has crossed the critical $0.75 threshold, gaining momentum and moving closer to the important $1 threshold. But by the end of 2023, if the token is lucky enough to maintain its present rate, it could hit $1.

If the token can rise beyond $0.85 in November, MATIC should achieve the much-desired $1 milestone. If buyers are unable to hold their lead at $0.60, a reverse below $0.75 will lower the MATIC price to $0.55.
The Exponential Moving Averages (EMAs) of MATIC have also seen a noteworthy breakout in recent weeks. Following the cryptocurrency’s 200-day EMA breakout, the price of MATIC exceeded the critical $0.75 barrier.
By overcoming a 200-day EMA, MATIC has advanced and may eventually hit $1 by year’s end. This is because when the 50-day and 200-day EMAs are crossed above in the Polygon chart, a golden crossover chance arises.
The rising trend of the 50-day EMA points to the possibility of a golden crossover, but the bull run that crosses the 200-day EMA can also point to a reversal movement. The cryptocurrency asset has, nevertheless, been able to maintain its upward trajectory ever since it crossed above the 200-day EMA.
Read Also: SUI Gains 12% While Chainlink and Polygon Keep Alt Rally Rolling
Importance Of The Cryptocurrency Market
The coin is currently trading at $0.77, representing an 8% daily price rise with $489,605,430 worth of trades over the course of a day. With a $7 billion market capitalization, the token market is strong and now ranks 13th among cryptocurrencies.
With 9.24 billion MATIC in circulation and a strong market presence, MATIC outperforms 48% of all cryptocurrencies now in use. Its long-term technical score is further supported by this fact.
MATIC’s price increase can be attributed, in part, to the token’s 33% year-to-date (YTD) decrease in September. As a result, the cryptocurrency bounced back from this within a month.
Furthermore, the token’s robust bullish candles and increasing volumes suggest that its upward trajectory will continue. Because of this, purchasers stand a high probability of holding onto their advantage at the current MATIC price.
After a 33% year-to-date fall in September, MATIC has seen a 50% increase in the last 20 days, placing it in a profitable position. The coin offers greater potential earnings in the future with its current bullish trajectory.
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Crptocurrency
Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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