Autor: dot-traders

• Polygon has been witnessing strong fundamentals that boosted the native token

• Polygon’s MATIC retraced sharply on Tuesday 

• MATIC faces some more pressure as the price moves below moving averages.

Polygon’s MATIC/USD will rarely miss out on the basket of the go-to cryptocurrencies. It is one of the cryptocurrencies that has been making good headlines. The price has also been reacting well to the strong fundamentals.

The most recent fundamentals of Polygon are a partnership with Starbucks. The coffee chain giant said it would use Polygon for its collectible digital stamps. The move is part of the company’s entry into Web3 with the Starbucks Odyssey program.

On August 31, Robinhood said it would let users send and receive MATIC on the polygon network. That expands MATIC’s utility beyond the Ethereum network. The move was inspired by the need to cut the huge costs on the Ethereum network.

MATIC slides below the moving average adding bearish pressure

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Source – TradingView

From the technical outlook, MATIC is not yet in a buy zone. At the current trading of $0.85, the price could slide further to minor support at $0.76.

Another bear indicator is the moving average. MATIC is trading below the 20-day and 50-day moving averages. Similarly, an RSI reading of 48 suggests that MATIC is not yet oversold. With the growing bear sentiment after the inflation data, a more likely direction is to the downside. 

On the flip side, MATIC has maintained an ascending trendline. If the price keeps the trendline, MATIC could turn bullish. Investors should consider buying on price action signals or if the token recovers above the moving average (s).

Summary

While MATIC remains vulnerable, the ascending trendline could ignite a bullish move. Investors should watch for bullish signals. A break below the trendline will see the token slide to minor support at $0.76.

The post Is MATIC retracement an opportunity to buy the token? appeared first on CoinJournal.

• Shiba Inu has recovered by a marginal 0.91% after an inflation-inspired decline.

• SHIB was the most viewed cryptocurrency in August

• The cryptocurrency remains vulnerable at $0.000012

Meme token Shiba Inu SHIB/USD is one that rarely follows the general crypto sentiment. Instead, SHIB has been moved by retail frenzy and social media mentions. It is also likely to see SHIB ballooning on any slight fundamentals.

A CoinMarketCap analysis shows that Shiba Inu was the most viewed cryptocurrency in August globally. The interest was connected to a number of projects which are expected to increase the utility of SHIB. One among them is the Shiba Inu metaverse.

Nonetheless, Shiba Inu seems to have been gripped by fears of a faster Fed policy action after inflation data. The cryptocurrency experienced a flash crash that saw it touch the support of $0.000012. As of press time, SHIB was recovering and up 0.91% in the last 24 hours. Does SHIB have a chance to make a comeback?

Shiba Inu trades at key support as price breaks below inside bars

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Source – TradingView

Technically, the Shiba Inu token has initiated a bearish breakout from multiple inside bars at the support. A breakout suggests that bearish pressure may mount at the key level. Besides, the price moved below the moving averages, which could offer further resistance above. Nonetheless, SHIB is showing recovery and resisting a drop below $0.000012.

Concluding thoughts

Shiba Inu remains vulnerable at the support zone. However, an interest in cryptocurrency could help its recovery at the critical make-or-break level. Currently, we cannot ascertain if the recovery will occur after a bearish breakout of inside bars at the support. We need to watch the price action over the next few days to ascertain the potential direction of SHIB.

The post Which way as Shiba Inu trades at an important support zone? appeared first on CoinJournal.

• Cardano is expected to undergo a network upgrade on September 22

• The network has witnessed increased asset inflows in the past week

• ADA is recovering after falling due to inflation data 

Cardano’s ADA/USD highly expected Vasil upgrade is getting close. The development team has earmarked September 22 as the date the hard fork will go live. With enthusiasm around the hard fork, it is highly probable the token will experience buying pressure. 

Well, there is no adequate proof of how Cardano will behave as the hard fork occurs. Nonetheless, a Digital Asset Fund Flows report has highlighted growing interest. For the past week, Cardano has witnessed inflows of $400,000. The rate is 4 times the inflows of $100,000 the previous week. Comparatively, Bitcoin products saw about $13 million in outflows in the past week. Ethereum had $62 million in outflows amid the expected move to a proof-of-stake blockchain.

The increased inflows into ADA suggest expectations that the market has on cryptocurrency. A successful hard fork could allow Cardano to outperform the market. 

ADA price movement and prediction ahead of the Vasil upgrade

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Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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Cardano is recovering after sustained losses following Tuesday’s inflation data. While most cryptocurrencies remain in the red, Cardano has surged by nearly 2% in the last 24 hours. Trading volumes are still down by 17%, highlighting a mixed reaction.

Source – TradingView

On the technical front, ADA slipped below the 50-day MA. It is recovering above the 20-day MA, although the price remains below an important $0.52 resistance. At the current level, ADA lacks a clear directional movement. A bullish momentum will be confirmed if ADA overcomes the $0.52 resistance. The Vasil upgrade could be the next trigger for bullish momentum.

Summary

ADA is recovering after the latest slip. Inflows on Cardano products are growing, which could trigger a surge. Currently, we cannot confirm a bullish bias as the price remains trapped by resistance and 50-day MA.

The post How bullish is Cardano ahead of the Vasil upgrade? appeared first on CoinJournal.

• Axie Infinity has dipped 2.62% in the past day.

• Google Cloud recently joined the list of Axie Infinity validators.

• AXS has retested $12.8 support amid a sluggish momentum.

Axie Infinity AXS/USD has dipped 2.62% in the past 24 hours to trade at slightly above $13. The drop comes despite Google cloud recently joining the list of firms validating transactions on the blockchain.

Google’s entry makes the number of validators on Ronin 18. Ronin is Axie’s gaming-based Ethereum sidechain. The platform was breached in March in one of the largest DeFi hacks of all time. About 10% of the more than $500 million worth of crypto losses has since been recovered.  

Part of the security intervention by Sky Mavis has focused largely on decentralization. The developer aims to expand validators to 21. The effort is yet to have a significant impact on the price of AXS token, which tanked from $75 to $13 after the exploit.

Axie Infinity is a battling game powered by collectible NFT assets. To date, the blockchain game has recorded more than $4 billion in NFT asset sales. Much of the success was registered last year before play-to-earn platforms lost momentum. Axie Infinity is now expanding to free-to-play models, and it remains to be seen how profitable the move will be. On the technical side, AXS is facing a correction. 

AXS retests $12.8 support in a market correction

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Source: TradingView

According to the daily chart above, AXS has retraced from a high of $15.3 to the $12.8 support level. Despite the MACD indicator showing bullish signals, momentum to the upside is weak. RSI is at 40, meaning the bears are still controlling the market. However, a price above the $15 resistance invalidates the bearish sentiment, and AXS could set on recovery.

Concluding thoughts

AXS has retraced to a make-or-break support level. A price below the support could open more weakness, and the token could trade even lower. Concerns around the security of the Ronin network remain a challenge for Axie Infinity in the long run.

The post Decision time as Axie Infinity holds support amid weak momentum appeared first on CoinJournal.