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Multichain (MULTI) is fighting to recover from the extended downtrend that has defined its price action since April.
At the time of writing, MULTI is trading at $1.92, up 3.87% on the day and 1.82% over the last seven days.
Multichain price is still bearish on the longer timeframe as it trades 42% down over the last month and 79% over the last 90 days.
MULTI’s sell-off was fueled by a July 7 announcement by the team that the blockchain’s bridging service was unavailable, advising users to refrain from using the service until further notice.
The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains.
There is no confirmed resume time.
Please don’t use the Multichain bridging service now.
— Multichain (Previously Anyswap) (@MultichainOrg) July 7, 2023
At the moment, Multichain bulls are trying to push the price higher.
Multichain Price Analysis
MULTI price is poised for a rebound, trading bullishly for three straight sessions. It faces an immediate challenge from a descending $2.0 trendline resistance, which has capped the price since late May. Breaking this resistance would end the downtrend and pave the way for a prolonged recovery. The key obstacles in Multichain’s ascent are the $2.5 and $3.0 price levels and the $2.79 spot where the 50-day Simple Moving Average resides.
In an optimistic scenario, the price of Multichain could rise to the staunch $3.45 resistance, marking a 74.85% gain from the current price. However, the upside may be limited at this point due to buyer fatigue, profit realization, and a potential price downturn.
MULTI/USD Daily Chart
The bullish outlook for Multichain is bolstered by the RSI’s upward shift from the oversold zone, indicating renewed market interest.
The bullish sentiment is further corroborated by the MACD’s upward trend, which suggests a market shift favoring buyers.
However, a daily close below $1.85 may signify buyer fatigue, potentially driving the Multichain price down to the $1.74 support level.
If breached, this could overturn the bullish scenario as MULTICHAIN registers lower lows.
Promising MULTI Alternatives
Those seeking to buy Multichain should wait for a decisive and sustained close above the descending trendline. Since this may not be guaranteed in the near term, investors could turn to new cryptocurrency in presale with the potential to male x10 returns in 2021.
Such a crypto is Launchpad XYZ ($LPX), a blockchain project that has achieved remarkable success, driven by growing investor interest in its presale.
LPX aims to create a profitable, seamless trading environment within the Web3 domain to promote cryptocurrency adoption.
It’s a transformative initiative that seeks to simplify Web3 for traders and investors.
Trade across diverse chains and markets from a single platform 👑#LaunchpadXYZ makes cross-chain trading as easy as a click
This is the new home of #Web3! 🌐
👉https://t.co/CrJA4Rk91H#Crypto #Blockchain #Trade #Alts pic.twitter.com/qQ4Wmb5MQQ— Launchpad.xyz (@launchpadlpx) July 28, 2023
The project stands out due to its inventive features that improve crypto trading and investing.
It has already attracted more than $1.1 million in presale at $0.0445 each, with the price set to increase to $0.046 after reaching $1.5 million.
For purchasing $LPX tokens, one needs a dApp crypto wallet and can buy using bank cards or cryptocurrencies, including USDT (ERC-20 or BEP-20), ETH, or BNB.
Visit Launchpad here for more information on how to participate in the presale.
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