Multichain Price Prediction: MULTI Descends to $1.13 – Comparing with Layer-1 Blockchains

Multichain continues with its downtrend today. In the last 24 hours, MULTI has dropped by around 3% to $1.12.

The recent plunge brings the monthly decline to over 36%. MULTI is failing to gain despite most cryptocurrencies trading in the green today.

The token’s bearish sentiment has dropped by 97% from its all-time highs. In the last 24 hours, it recorded an all-time low of $1.11, and a further decline will likely come as buyers are not enthusiastic to enter the market.

MULTI’s trading volumes in the last 24 hours are down by 31% to around $1.3 million, showing less buyer and seller interest.

Multichain Drops to All-Time Lows

MULTI has been on a steady decline in the past month. On August 1, the price was around $1.80, but bears now threaten to push the price below $1.

A sharp price decline was seen mid-this month as MULTI fell to $1.36. The token consolidated at these levels until August 21 before volatility kicked in again.

Massive selling pressure affected the token’s price movement last week, and since then, MULTI has been creating lower lows.

MULTI is currently at all-time lows, but buyers still hesitate to enter the market at these prices. If the bearish momentum continues, a new record low is likely.

The price drop has seen MULTI’s market capitalization nose dive. The market cap was around $26 million on August 1, but it has since dropped to $16 million.

Bears Threaten To Drop MULTI Below $1

Bearish pressure continues to trigger more declines for MULTI.

The Relative Strength Index (RSI) at 19 shows the token is currently oversold. The selling pressure might be exhausted, and volatility could ease.

The bearish sentiment is further seen in the Moving Average Convergence Divergence (MACD) line on the negative zone. The MACD histograms are also harmful, indicating falling momentum.

Adverse Developments Continue To Rock Multichain Ecosystem

Multichain was the victim of a hacking attack last month, igniting selling activity for MULTI. An investigation into the hacking campaign is still ongoing.

Chinese police also arrested the protocol developers, and no process has been given to investors to recover their funds.

MULTI will also be delisted from the Coinbase exchange. The token will no longer be available for trading on Coinbase from September 6, 2023.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX) on September 6, 2023, around 9AM PT.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) August 23, 2023

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