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MATIC- Attack on network component but exchange outflows high, here’s why

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MATIC- Attack on network component but exchange outflows high, here’s why

Polygon’s MATIC token concluded the month of June with a 30% bearish correction. The token has kicked off July with the same bearish energy and may potentially seek more downside due to a network attack.

The Polygon network’s latest update on 1 July revealed that its public RPC gateway offered by Ankr experienced a DNS hijack. The attack reportedly compromised control over some services on the Polygon network. One of the latest updates confirmed that the Polygon PoS network was not affected by the attack.

Ankr is currently working to restore its Polygon RPC’s domain functionality that cannot be accessed. Wallet users and dapp partners may be affected. We will continue to post updates here as they become available.

This DOES NOT affect the Polygon PoS chain.

[2/2]

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— Polygon – MATIC 💚 (@0xPolygon) July 1, 2022

Network attacks or downtime have historically had a negative impact on a network’s native cryptocurrency. That being said, MATIC may be due for more downside if the same premise holds true.

MATIC’s long-term price action has been trading within a falling wedge pattern. However, its latest rally which started on 19 June kicked off before the price interacted with its support level.

Source: TradingView

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A closer look at its price action reveals that the rally started after the Relative Strength Index (RSI) dipped into oversold territory. However, the Money Flow Index (MFI) stood just below neutral 50 headed upwards hinting towards some accumulation of the token.

The latest retracement started after an 80% uptick. MATIC still has some ground to cover before reaching the oversold territory once again.

Can the bulls reclaim their dominance?

MATIC’s exchange flows reveal an interesting observation in the last two days. Exchange inflows peaked at 1.52 million on 30 June while exchange outflows on the same day peaked at 10.27 million.

Exchange inflows on 1 July stood at 2.23 million while exchange outflows during the same trading session were at 10.99 million. This means the exchange outflows outweighed the inflows in the last two days.

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Source: Santiment

The higher exchange outflows align with observations of reduced sell-offs from address balances. Supply distribution by the balance on addresses points toward the likelihood of a bullish uptick as addresses with large balances start buying.

For example, addresses holding  between one million and 10 million MATIC coins increased their balances from 9.48% ton 30 June to 9.68% at press time.

Source: Santiment

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Furthermore, addresses holding between 100,000 MATIC and one million MATIC dropped from 1.84% on 30 June to 1.79% on 2 July. Addresses with more than 10 million coins dropped from 86% to 85.82% during the same period. This explains why there is still some selling pressure despite higher exchange outflows than inflows.

The slight uptick in some address balances also reflects the overall uptick recorded by the supply held by top addresses metric in the last five days. The probability of MATIC’s bullish recovery is further supported by the strong network growth that the Polygon network achieved in the last 30 days.

Source: Santiment

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Why there’s more to Fantom’s dApp ecosystem than what meets the eye

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Why there’s more to Fantom’s dApp ecosystem than what meets the eye

The ever-growing Web3 space is continuing to find supporters in the market to make sure that it prospers into the next big thing. In fact, this is one space that is driven by the likes of Fantom.

Backing its most-recent efforts is Cypher Capital, with the latter intending to bring more to the table with its funding.

Not a Fantom

In what is the latest addition to the Venture Capitalists roundtable, Cypher Capital has now invested in Fantom. Its strategic funding plans to support projects and developers on the Fantom network.

With this partnership, Cypher Capital will be able to fund and further projects across Web3, DeFi, and gaming. At the same time, the same will help provide early-stage backing and solution expertise.

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Fantom has always been one of the biggest DeFi chains, both in terms of total value locked as well as the number of projects existing on the chain.

As a top-10 chain, Fantom, at press time, held $650 million in TVL spread across 257 protocols – The fourth-highest for any blockchain.

In fact, partnerships such as the aforementioned are bound to propel Fantom into the limelight. Especially since the DeFi market is still recovering from the recent crashes that wiped out more than $80 billion in just 2 months.

This lag will give Fantom just the room it needs to establish itself as an important player in this field.

This may be because on the investor front, the chain has been struggling to keep its investors’ faith in the asset intact. Over the last month and a half, investors’ presence has seen slight changes, with some leaving and some others entering.

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The ridges seen on the metric seemed to indicate the same too.

However, demand for the asset is still keeping its price at an incline, with the same hiking by 81.08% in 2 months.

Now, it’s worth pointing out that this doesn’t compare to the massive 87.93% drawdown from its all-time high in January.

Even so, thanks to the broader market’s recent cues, FTM is taking a step in the right direction.

As long as the asset isn’t overbought, it is safe from noting a trend reversal as $0.5 is the next critical support target for Fantom.

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Aaryamann is a freelance crypto journalist working with AMBCrypto. He is currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

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8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC

The wider Ethereum [ETH] NFT market did not note any spine-tingling milestones recently, despite the altcoin hitting $2,000. In fact, sales volumes across ETH NFTs saw a 3.38% fall over the last 24 hours, according to CryptoSlam.

However, there was some eye-catching activity in the same ETH NFT market. No, it was not about Crypto Punks or Yuga Labs-backed Bored Ape Yacht Club [ BAYC].

Aliens over Apes?

According to CryptoSlam’s data, “genderless” NFT collection 8liens was the best-performing NFT in the last 24 hours. The NFT collection recorded over $3 million in sales volume within the said period. These 3,374 transactions that added up involved 1,672 buyers.

Source: CryptoSlam

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The aforementioned figures were way higher than the activities recorded within the BAYC and CryptoPunks ecosystems. Now, although they both registered an uptick, it was lower than the one 8liens recorded. In fact, CryptoPunks’ 24-hour sales volume hiked by 79.62% to hit $2.83 million while BAYC only went up a paltry 4.58% to $1.38 million.

At press time, 8liens traders’ profit was an average of 32.90% with active wallets up by 122.70% to hit 2,886.

Source: CryptoSlam

Despite the said uptick, however, 8liens was still down from its floor price of 0.62 ETH on 11 August. At the time of writing, the lowest-priced 8liens asset was worth 0.298 ETH. However, it’s worth pointing out that its position has improved since the market was last looked at.

Can’t tame the bear

With the crypto-market recovering, NFT traders might be expecting the market to follow. However, it might not yet be time for a full-blown gain season. This, because the entire NFT ecosystem has not shown signs of a complete revival with an aggregate 1.80% decline in the last 24 hours.

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Other blue-chip collections including Sorare and Otherdeed also noted declines in their 24-hour sales volumes. Sorare was down 51.88% while Otherdeed’s fell by 20.02%. Additionally, Moonbirds was not left out as it went down by 42.07%.

While 8liens surged, the chances of the NFT market claiming bullish momentum are still low. In fact, NFTGo reported that the global market cap was down 11.33% over the last three months. Also, the market was far from reaching  the trader count within the same period. In fact, buyers were down 29.32% to 440,644 while the overall number of traders also declined to 658.092.

Source: NFTGo

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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Tron: Chalking out the odds of TRX unleashing its volatility

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Tron: Chalking out the odds of TRX unleashing its volatility

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

While extending its compression in the $0.063-$0.0702 range for nearly seven weeks, Tron [TRX] has been in a low volatility phase. Unlike most coins, TRX took a sideways track over the past month but maintained its spot above the 20/50 EMA.

In particular, the last two weeks marked an uptick in price levels as the bulls strived to snap the $0.0702-level hurdle.

An inability to close beyond this barrier level could extend the consolidation phase in the coming sessions. At press time, TRX was trading at $0.06997.

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TRX Daily Chart

Source: TradingView, TRX/USDT

TRX witnessed a sharp recovery after dropping towards its yearly low on 15 June. The revival from its long-term support entailed a rectangle bottom structure on the daily chart.

While the bulls forced a bullish crossover on the 20 EMA (red) and the 50 EMA (cyan) after nearly two months, TRX revealed the build-up of its underlying buying edge. To top this off, the altcoin saw an ascending triangle-like structure as the flatter peaks accompanied the higher troughs.

A sustained incline beyond the immediate resistance could open doorways for a retest of the $0.0704-$0.0706 range.

To sway above the constraints of its compression boundaries, TRX bulls must propel a much-needed hike in trading volumes. The break above the $0.0702-mark could serve as a reliable trigger for its press time bullish bias.

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Rationale

Source: TradingView, TRX/USDT

The Relative Strength Index (RSI) maintained its position above the midline, but was yet to topple the 56-mark to confirm strong revival chances.

The Accumulation/Distribution (A/D) indicator’s lower troughs bullishly diverged with the price. Any rebound from its trendline support could foster an accumulation phase. However, the ADX continued to project a significantly weak directional trend for the altcoin.

Conclusion

Given the bullish pattern setup after a bullish crossover on the 20/50 EMA, TRX could see sustained growth. Any drop below the near-term EMAs could invalidate the convincing bullish tendencies. The targets would remain the same as above.

Finally, investors/traders should consider Bitcoin’s movement and its impact on broader market perception to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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