Schlagwort: crypto business

The Polygon MATIC price has been in a consolidation mode even after the important milestones in the network. The token is trading at $0.6375, which is about 32% above the lowest level this month. The coin has a market cap of over $4.3 billion.

Polygon milestones

Polygon has had important milestones in March. The most notable one was the launch of Polygon Nightfall Mainnet, which is a blockchain solution that leverages cutting edge optimistic zero-knowledge technology to give businesses an accessible blockchain network. 

Nightfall solves a major challenge that many enterprises face. The challenge that many companies like JP Morgan that want to leverage blockchains have had to create permissioned or private technologies that are not decentralized. 

At the same time, if they leverage popular platforms like Ethereum, the gas fees becomes incredibly high. Therefore, nightfall is able to solve some of these challenges since it uses the zero-knowledge technology. 

The MATIC price has also moved sideways even after Tether decided to launch on Polygon. The addition means that over 8,000 teams building on Polygon will be able to leverage the flexibility of Tether’s stablecoin. This means that it will eliminate the challenge caused by using volatile cryptocurrencies. In a note, the CTO at Tether said:

“We’re excited to launch USD₮ on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space. The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”

The Polygon MATIC price has been in a consolidation mode because of the weak performance of its DeFi ecosystem. Data shows that its total value locked (TVL) has dropped to $2.6 billion.

MATIC price prediction

The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. As a result, the coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index has moved close to the overbought level. It has also formed a symmetrical triangle pattern.

Therefore, the Polygon price will likely remain in this range this week. With the triangle pattern nearing its peak, however, there is a likelihood that a bullish breakout will happen soon. If this happens, the next key resistance level to watch will be at $0700.

The post Polygon MATIC price prediction: Ripe for a breakout appeared first on CoinJournal.

The cryptocurrency market is having a positive start to the new week, with most of the cryptocurrencies trading in the green zone.

The crypto market is in the green zone today after adding more than 5% to its total value over the last 24 hours. At press time, the total cryptocurrency market cap stands above $1.270 trillion.

Bitcoin is trading at $30k once again after rallying by nearly 6% over the last 24 hours. Ether is targeting the $2k resistance level after adding more than 7% to its value so far today.

However, EGLD, the native token of the Elrond ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EGLD has added more than 18% to its value in the last 24 hours.

At press time, EGLD is trading at $83.78 per coin. The rally comes after the Elrond team announced that it had made a strategic investment in Cantina Royale.

Cantina Royale is set to build Web3 entertainment for the next billion gamers, powered by the Elrond blockchain. 

Elrond said thanks to this investment, the next billion gamers can tap into exciting entertainment with zero added friction from the crypto side of things.

Key levels to watch

The EGLD/USD 4-hour chart is bullish as the cryptocurrency has performed well over the last 24 hours. 

The MACD line crossed into the positive territory a few hours ago, indicating that the bullish sentiment is strong. The 14-day RSI of 68 shows that EGLD could soon enter the overbought region if the rally continues.

If the bulls remain in charge, EGLD could cross the first major resistance level at $92 before the end of the day. Unless there is an extended bullish performance, the second major resistance level at $114 should cap further upward movement.

However, if the bears regain control of the market, EGLD could drop below the $80 mark over the coming hours. EGLD should comfortably defend its position above the $69 resistance level.

The post Why is Elrond up by more than 18% today? appeared first on CoinJournal.