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Multichain Price Forecast: Multi’s Meteoric Rise, All While a Freelancer’s Favorite Token Gains Traction

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Multichain token (MULTI) is trending everywhere following the disappearance of its CEO and the supposed project fall.

However, experts are seeing a meteoric rise ahead.

Multichain CEO Disappearance: Operational Challenges and Asset Uncertainty

The official Multichain account has announced a concerning situation involving CEO Zhaojun, who was detained by Chinese police on May 21, 2023, leading to a communication breakdown.

Zhaojun’s access to vital servers and operational funds has been cut, placing the project’s continuity in jeopardy.

Zhaojun’s sister, the protector of user funds, has also been detained, contributing to abnormal asset transfers.

The team, facing limited resources and inaccessible domains, was forced to cease operations. Assistance from the community has been sought to notify users, along with a request to GoDaddy to disable the website.

Speculation of Inside Job: Multichain’s Recent Hack

The recent announcement from Multichain has sparked speculation that the latest hack might be an inside job.

The network breach, skillfully executed by the hacker, bypassed the Multichain MPC Bridge Contracts’ security, leading to a substantial loss of $126M.

Following one of history’s largest attacks, the Multichain service was abruptly halted indefinitely before resuming.

Internal involvement was suspected due to the attacker’s ability to exploit contract code, the Oracle system, and SMPC/TSS protocols.

The mystery was solved when CEO Zhaojun vanished, confirming his role in orchestrating the bridge drain.

Suddenly, this news became the highlight and pushed the MULTI token higher on top trending lists. According to CryptoCrunchApp, MULTI’s token ranked sixth on the top trending coins list.

Analysts Still See Growth Potential for Multichain Token

Analysts predict a bullish trend for MULTI coin, with one highlighting a confirmed breakout in the MULTI/USD 12-hour trading frame that signifies potential growth.

They also point out regular bullish divergence suggesting possible price reversal.

The analyst sets the target price for MULTI at around $4.44, indicating a potential rise of over 144%.

The overall analysis foresees substantial growth for the MULTI/USD pair.

Multichain Price Analysis

The four-hour MULTI/USD chart points to possible bullish momentum, indicated by a breakout above the Moving Averages, signifying heightened buyer interest.

The bullish trend is supported by the Short EMA surpassing the Long EMA and an RSI leaning toward the overbought area, suggesting robust buyer demand.

Further, the MACD’s green histograms above the neutral line reflect expanding purchasing momentum.

Multichain price
TradingView: MULTI/USD 4-hour chart

The price of the Multichain token might face resistance at $1.82215 and $1.99008, while potential support could occur around $1.60865, according to the EMAs.

Currently, its market cap is at $33.83M, and the 24-hour trading volume is $8.96K.

Despite the technical outlook suggesting potential opportunities, caution is advised when considering MULTI token due to concerning fundamentals. Exploring other investment options with more promising growth projects may be prudent. DLANCE is first in line in this respect.

Alternative to MULTI

DeeLance, an innovative platform set to disrupt the freelance market, is gaining attention in the crypto world. Leveraging blockchain technology, DeeLance aims to provide a secure and transparent environment for freelancers and employers. In doing so, it challenges traditional platforms like Fiverr and Upwork.

Their ongoing presale of $DLANCE tokens has already raised an impressive $1.7 million in just three months, indicating strong investor interest. With only 12 hours left of this presale, $DLANCE tokens are expected to launch with an initial price of $0.057, reflecting positive market sentiment. Currently, they are available at a discounted price of $0.048, attracting investors with confidence in the project’s future prospects.

DeeLance, by tokenizing freelancer, work with NFTs and adopting a decentralized model, tackles key industry problems like hefty fees and opaque transactions.

Earning praise from esteemed analysts and garnering a growing social media presence, DeeLance is emerging as a promising contender in the crypto landscape.

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