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TA: Matic Price Faces Resistance To Break Above The $1 mark?

Despite showing great recovery signs from a low of $0.33 with over 80% gains in weeks, Matic price faces strong resistance at $1.

July has been good for most crypto projects, with the price of Matic surging to over 80% gains in just one month, although Matic price faces steep resistance at the $1 mark.

Matic Weekly Chart Analysis

The price of Matic moved from the low of $0.33 to a high of $1 before seeing a rejection to a region of $0.80.

Matic saw a relief bounce when it met its all-time high (ATH) of 2021; this became a good support for Matic to build more buy pressure for a good relief bounce.

Matic Weekly Price Chart Analysis | Source: MATICUSDT On Tradingview.com

From the strong support built around $0.33, Matic has been able to form weak support on the weekly chart at around $0.589.

A pull back on the weekly price of Matic would see us retesting the support region of $0.6 – $0.58.

Major resistance on the weekly chart – $1

Major support on the weekly chart – $0.6, $0.35

Daily Analysis Of Matic Price
Matic Daily Chart Analysis As It Struggles To Break $1 Resistance | Source: MATICUSDT On Tradingview.com

The daily chart for Matic price still looks good after being rejected from $1, which corresponds with the 200 EMA. 

Matic is holding up well above the 50 EMA, which is good support on the daily timeframe.

With trend reversal in a low timeframe, bulls could push the price high enough to break the 200 EMA resistance that has been tough to break. A successful break of the resistance at $1.02 could see the price of Matic go high as $1.3.

The volume on the daily chart suggests buyers are still holding on to their position until a complete trend reversal on a higher timeframe.

The relative strength Index (RSI) on the daily chart is at the 60 mark, which is a good sign as there is not much sell pressure on Matic.

If Matic cannot hold the 50 EMA as support, should there be a shift in trend to the downside, the region of $0.6 – $0.589 has been a good support area to allow buyers to drive the price upward.

Daily resistance – $1.02.

Daily support – $0.74, $0.589.

Matic Price On The 4H Chart
Matic 4H Chart Analysis After Rejection From 50 EMA | Source: MATICUSDT On Tradingview.com

The price of Matic on the 4H chart shows the price is above the 200 EMA but struggling to break past the 50 EMA acting as resistance for Matic.

Matic needs to break this resistance for bulls to push towards the $1 mark resistance that has proved difficult to break for Matic on the high timeframe.

The volume on the chart shows more buyers stepping in to buy Matic at this level; the bounce across the market for Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies could push the price of Matic high above the current price.

Matic needs to break and close above $0.88, which corresponds with the 50 EMA, to have a better chance of going higher; if Matic fails to break, then a pull back to the next support is expected.

Resistance on the 4H chart – $0.88, $1.

Support on the 4H chart – $0.776, $0.59.

 

Cardano Founder Explains Reasons Behind Vasil Delay, But Is This The Last Time?

The Cardano Vasil hard fork has now experienced its second delay in the last two months. This upgrade is important to the network’s growth, and as always, Cardano developers continue to stay true to form by only shipping out safe products. The second delay was announced at the end of July, and founder Charles Hoskinson::Listen

The Cardano Vasil hard fork has now experienced its second delay in the last two months. This upgrade is important to the network’s growth, and as always, Cardano developers continue to stay true to form by only shipping out safe products. The second delay was announced at the end of July, and founder Charles Hoskinson has made a video explaining what was behind the delay and what is expected for Vasil hard fork going forward.

Delay Was Caused By Bugs

Now, a big thing that has plagued the crypto space has been bugs that have been found in the code of developers. These bugs, when left unnoticed, have been exploited on various platforms by bad actors who have made off with millions of dollars in crypto. However, despite how rampant such bugs and exploits have been, Cardano projects have not been subject to them, and that can be attributed to the rigorous process the developers go through before shipping a product.

According to founder Charles Hoskinson, this process of making sure a product is safe before shipping was what was behind the second postponement of the Vasil hard fork. As with the first time the hard fork was postponed, he explained that they had found bugs that they needed to fix to make sure it was safe to use. The thing with these bugs, though, is not just about finding them but the process of fixing them across the whole product.

Hoskinson explained that not only do they have to fix the bugs, but they also need to go back and verify that it is fixed. Then they have to go through the entire testing pipeline once more, which takes time. “So you get to a situation where you feature complete,” said the founder. “But then you have to test, and when you test, you may discover something, and then you have to repair that, and then you have to go back through the entire testing pipeline. So this is what causes release delays.”

Any More Delays From Cardano?

After the Vasil hard fork had been postponed for the second time, the question on everyone’s lips was when the hard fork would be taking place and if there will be any more delays. Hoskinson also took time out to address these questions.

ADA trending at $0.49 | Source: ADAUSD on TradingView.com

The Cardano founder explained that since they had found so many bugs already and addressed them, he did not believe that there would be any more delays with the hard fork. He revealed that the developers have now over to the final stages of testing the product. “So unless anything new is discovered, I don’t anticipate that we’ll have any further delays,” he added.

As for the price of Cardano’s native token ADA, the news of the postponement seems to have not hit it hard. The digital asset was trending around $0.55 when the announcement was made, and while there has been some decline, it was only by a small margin.

ADA is trading at $0.49 at the time of this writing. It remains the 8th largest cryptocurrency with a market cap of $16.7 billion.

Featured image from Analytics Insight, chart from TradingView.com

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TA: Matic Price Faces Resistance To Break Above The $1 mark?

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