Polygon’s [MATIC] recent bull run evoked a break beyond the EMA ribbons to reveal a robust buying revival. As the ribbons finally undertook a bullish flip, the $1-zone has been plateauing the streak of green candles.
The breach of its up-channel has signified ease in the buying pressure. A reliable jump below the existing pattern could expose the coin to a near-term downside in the coming sessions. At press time, MATIC was trading at $0.9215.
MATIC Daily Chart
The recent ascending channel (white) oscillation aided MATIC bulls to steer the trend to their fancy while flipping the 20 EMA from resistance to support.
However, the 200 EMA kept looking south while coinciding with the $1-zone resistance. This conflux of resistances created a stiff near-term hurdle for the bulls.
Going forward, the alt could continue its compression in the $0.88-$1 range while committing itself to a side channel in the daily timeframe. Any drop below the sideways track or the 20 EMA could expose the alt to a short-term plunge toward the $0.809 level.
An eventual close above the $0.95-$1.04 range can provoke a rally toward the $1.18 zone. But the bulls were yet to ramp up the trading volumes to sustain a close above the immediate resistance range.
The Relative Strength Index (RSI) ensured its position above the midline to depict a slight buying edge. A fall below the 58-mark support could reaffirm the decline tendencies on the chart.
Furthermore, the Chaikin Money Flow’s (CMF) lower peaks highlighted ease in buying pressure. Traders/investors should look for a close below the zero-mark to confirm their bearish bias.
The Awesome Oscillator (AO) was on a gradual downtrend as it approached its equilibrium. A potential uptick in the volumes could help the alt break away from its low volatility phase.
MATIC’s sway above the EMA ribbons reflected a broader bullish advantage. Should the breakdown from the up-channel reignite short-term selling tendencies, the targets would remain the same as discussed. A consequent close above the 200 EMA would confirm a bearish invalidation.
Finally, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares a 94% 30-day correlation with the king coin.
BNB and BUSD holders, this Binance announcement can affect…
Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of Kazakhstan.
The MoU was signed as part of its ongoing efforts to educate law enforcement agencies around the world. Furthermore, as per the announcement, the company also set up offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.
These announcements coupled with recent developments from Binance might impact the dominance of the BUSD and the positive price movement of the Binance Coin [BNB].
Here’s AMBCrypto’s Price Prediction for Binance Coin for 2023-24
Positioning BUSD for dominance
Binance’s BUSD auto-conversion, which converts new deposits of USDC, USDP, and TUSD to BUSD at a 1:1 ratio, was announced on 5 September.
The exchange’s goal in implementing the BUSD auto-conversion was, ostensibly, to boost liquidity, and it was implemented on 29 September.
In terms of market cap, BUSD was now the third largest stablecoin, after USDT and USDC. According to Coinmarketcap, BUSD had a market cap of over $20 billion, with over $6 billion traded in the last 24 hours. In comparison to USDC, this trading volume was significantly higher.
Sideways but bullish
In recent weeks, the BNB price mainly moved sideways. However, following the news on 3 October, there was a rise in price. BNB began trading at $284.7, reached a high of $289.1, and closed at $286.9. As of the time of this writing, it was trading around $290.
On a daily time frame, the $256 area provided strong support, but fresh support appeared to be emerging in the $278 area. The $300 area was acting as resistance for quite some time.
Additionally, the Relative Strength Index (RSI) showed a bullish trend, with the RSI above the neutral line. The RSI reading above 50 indicated buying pressure was increasing relative to its level at the start of the period.
Based on the data provided by the Awesome Oscillator (AO), it was clear that the bullish trend was not particularly robust.
The plus DI and signal line of the Directional Movement Index (DMI) hovered just above 20, which also indicated a weak bullish trend.
Furthermore, the 30-day Market Value to Realized Value (MVRV) ratio for BNB was above 18%, which indicated that the asset was in the overvalued zone. In this region, sellers could step in as traders cashed out their gains.
However, developer activity was stagnant at 0.02, which suggested that the chain was not actively developing new features.
It’s to be noted here that Binance also announced on 29 September that it had opened local offices in New Zealand and registered with the Ministry of Business, Innovation, and Employment there.
A-Z of how the BNB Chain fared in September
BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem metrics.
According to the decentralized finance (DeFi) analytics platform AnalytEx, BNB Chain recorded growth in its number of daily transactions. It also recorded growth in the number of unique wallet addresses, and daily block count in September.
The Chain, however, registered declines in the gas fees paid to process transactions on the network within the 30-day period. Furthermore, the average size of blocks mined per day on the network continued on its four-month-long decline.
BNB Chain in September
As per data from AnalytEx, a daily average of 3.25 million transactions were completed on the BNB Chain in September. This was a 1.2% growth from the 3.21 million transactions logged as a daily average in August.
With a count of 3.25 million transactions, the index for average daily transactions on BNB Chain in the last quarter fell by 14%. In July, daily average transactions on BNB Chain sat at 3.70 million.
AnalytEx further found that in September, the average number of daily active wallets on BNB Chain grew by 11.48%. According to the DeFi analytics platform, BNB Chain registered an average of 890,253 daily active wallets within the 30-day period.
In August, this stood at 798,559 addresses. While the BNB Chain saw a drop in its daily average transactions in the just concluded quarter, the average number of daily active wallets on the network grew by 2% in the last quarter.
A mixed bag of pros and cons
According to data from CoinGecko, within the period under review, the price per BNB rallied to a high of $297.82 on 12 September, after which it declined by over 5% to close the trading month at $281.
This fall in the price of BNB led to a drop in the gas fees paid for transactions completed on BNB Chain in September.
According to AnalytEx, the average gas fee paid for transactions on BNB Chain was 7.06 gwei, a 2.1% drop from the 7.21 gwei paid in August.
Interestingly, September’s average gas fee represented a decline from what was paid in August. It ranked as the second highest average gas fee paid for transactions on BNB Chain in the last six months.
Lastly, in addition to the decline in the average gas fee on the network, BNB Chain also witnessed a drop in the size of blocks mined per day in September. In fact, the average size of blocks mined on the network witnessed a consistent fall since May.
Can GRT chart a new course after Graph’s new Subgraph milestone
The Graph’s GRT cryptocurrency is arguably one of the poorest performing top cryptocurrencies by market cap.
Its performance has been rather docile in Q3, and at this point, it might need a catalyst to get things going. Recent developments have the potential to breathe life back into the coin in Q4.
Investors that scooped up some GRT since it reached its current bottom range in June are still waiting for a price pump. There were a few bullish attempts within the 3-month period. Unfortunately for the bulls, none of those attempts were enough for a strong breakout, thus, relegating GRT to its bottom range.
GRT’s price action found support just below the $0.100 price range. It hovered within this range for the last few weeks, but are there any prospects of an upcoming change?
Fortunately, the developers behind the projects have maintained healthy development activity. This activity increased significantly towards the end of September.
Some of this development activity may have been focused on increasing the number of subgraphs. The Graph’s latest announcement on Twitter revealed that there are now more than 500 subgraphs on the network. The increase was necessary to make indexing easier for the network to provide indexing services within the WEB3 landscape.
The higher subgraph count represents an important step forward. However, it is not clear whether this might be enough to generate more investors’ excitement. GRT’s 30-day MVRV ratio, at press time, was significantly higher than its lowest 4-week range despite still being in negative territory.
The same metric had a slight uptick in the last two days. This confirms that some buying activity occurred. Moreover, GRT’s velocity metric’s performance in September reflected the subdued nature of the price.
It registered its highest spike at the start of October, thus, confirming an increase in trading activity.
GRT did garner some upside by just over 4% in the last two days despite the velocity spike. This outcome suggested that most investors, especially whales are still on the sidelines waiting for the right time.
Its network growth metric indicated a decline since 22 September. A potential reason why investors’ excitement has not manifested.
GRT has been stuck in the lower range since June and has even broken out of the previous cup-and-handle pattern expectations.
Whether bullish volumes in the short-term would be a reality is still a toss-up but the long-term potential remains strong. This is because there is still a lot of demand for The Graph protocol’s indexing services.
DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M
DeFiYield REKT list reveals 18% decrease in lost DeFi funds during September totaling $170M Liam ‘Akiba’ Wright · 3 mins...
What the Employee Retention Credit Means for You
When you file an annual tax return for your business, there are several tax credits of which you may take...
Yuga Labs Launches Bored Ape And Mutant Ape Yacht Club Community Council
The non-fungible token (NFT) and blockchain firm Yuga Labs has announced a community council will be representatives of the Bored...
Russia blocks crypto exchange OKX without disclosing reason
Russia blocks crypto exchange OKX without disclosing reason Zeynep Geylan · 9 mins ago · 1 min read The authorities...
Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?
Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network’s move to a proof of...
Crypto Touted By Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps The Next Day
Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset...
Curious About I Bonds? Join Our Free Workshop
Credit: Rita-Soledad Fernández Paulino Personal finance expert Rita-Soledad Fernández Paulino is the founder of Wealth Para Todos. She’ll be hosting...
Biggest Movers: DOGE, XRP Hit Highest Point Since Late September
Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day....
Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion
A recently published forecast stemming from the Federal Reserve Bank of Cleveland’s Inflation Nowcasting data indicates upcoming U.S. consumer price...
Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High
Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency...
Binance And Kazakhstan To Share Information About Crypto-Related Crime
Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading...
Federal Energy Agencies’ Unwillingness To Act On White House’s Crypto Mining Recommendations Miffs US Lawmaker
Jared Huffman, a United States lawmaker who advocates for increased scrutiny of crypto-mining entities, has reportedly chastised U.S. energy agencies...
BNB and BUSD holders, this Binance announcement can affect…
Binance made a major expansion and partnership-related announcements recently. On 3 October, Binance announced that it signed a memorandum of...
Top 10 White Hat Hacking Courses To Take Up For 6-Figure Salary
These top 10 white hat hacking courses will guide you in predicting vulnerabilities accurately The rising number of cybercrimes is...
New Study Names Gameta As The Gamefi Project With Highest Monthly Subscribers
The latest data from Coin 98 Analytics shows the Web3 gaming platform Gameta as the top-ranked gamefi (the intersection of...
What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax
Want to invest in cryptocurrencies? Here is how you will pay your income tax. A cryptocurrency is a form of...
A-Z of how the BNB Chain fared in September
BNB Chain, home to leading decentralized exchanges PancakeSwap and Venus Protocol, closed Q3 with growth in some of its ecosystem...
Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days
To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s...
I’m6 days ago
I’m Doing What Most Parents Are Scared To — Handing My Son A Pile Of Cash When He Turns 21. Here’s Why
Cryptocurrency6 days ago
Is Do Kwon Guilty? How Investors Are Dealing With the Terra Collapse?
Brazil6 days ago
Brazilian Securities And Exchange Commission CVM Subpoenas Mercado Bitcoin On Fixed Income Token Investments
Analysis5 days ago
Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue To Consolidate Ahead Of U.S. Consumer Sentiment Data
Bancorp6 days ago
Circle Launches Cross-Chain Transfer Protocol, USDC Issuer Acquires Payment Orchestration Firm Elements
Alladin5 days ago
A Recent SEC Filing Shows The World’s Largest Asset Manager Blackrock Plans To Launch A Metaverse ETF
Company News5 days ago
Web3 Wellness Platform Amino Celebrates Historic Career of Four-Time NBA Champion Klay Thompson in Inaugural Drop of the GRAILS NFT Collection
Analysis5 days ago
Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue To Consolidate Ahead Of US Consumer Sentiment Data