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Multichain cryptocurrency price analysis shows that the altcoin has recently experienced strong bullish momentum.
Cross-chain analytics shows the addresses by holdings, and it’s not a surprise that most addresses fall between $0 to $1k in holdings, accounting for 82.25% of all addresses. However, what’s more interesting is that whales control 96.65% of total Multichain holdings, according to data from Coinmarketcap.
The growing cross-chain activity indicates that whales significantly influence the Multichain market. Their movements have greatly impacted the current bullish action.MULTI coin recently bounced off its major support level of $1.722 and reached a high of $2.39. Multichain crypto is ranked position 466 by Coinmarketcap, and the trading volume has increased by over 640%, reaching $37,184,173.
Multichain price spikes higher, near 10 SMA
The multichain coin price trend has been characterized by strong buying sentiment, reflecting that a bull market may be underway. The current price is increasing strongly against the 10 SMA (Simple Moving Average) at $2.066.The price of the Multichain coin is trading below major moving averages. Meanwhile, the key resistance is at the 100-day Exponential Moving Average of $2.549, while the immediate key cross barrier is $2.49.
Multichain coin technical analysis on the 4-hour and daily chart shows the altcoin has been trending higher after opening the daily trading session at an intra-day low of $1.80.The Multichain coin price spiked higher and formed a bullish trend line, with a break above $2.25 leading to an upside extension towards the $2.50 level.
A bullish flag formation near the $2.25 level suggests that bulls are still in control, and a break above $2.50 could open doors for further gains. On the other hand, if bears manage to push the price below $1.80, it could trigger a downward correction towards the next support level at $1.60.
Multichain coin technical indicators point to a potential pullback
Multichain MULTI/USDT technical analysis shows bearish to neutral signals. Of the 26 technical indicators,14 signal sell and only three signal buy, while the remaining nine stay neutral. The Relative Strength Index (RSI) is currently at 58.56, indicating a slightly overbought condition but still within the bullish range.
The Moving Average Convergence Divergence (MACD) on the daily chart is, however, bullish, with the MACD line (blue) above the signal line (orange). This is a positive sign that the bullish momentum may continue in the short term. However, if bears manage to push the price below $2.00, it could trigger a pullback towards lower levels. The Oscillators, on the other hand, show neutral to bearish readings, with 8 out of 14 Oscillators signaling neutral, while the remaining two stay neutral.
Looking ahead, the price of Multichain’s key support lies at $1.80, followed by $1.60 and $1.30. On the upside, key resistance levels are at $2.50, followed by $2.75 and $3.00.A breach above the key resistance level of $2.50 could lead to a potential bullish rally in the near future, while a break below $1.80 could indicate a bearish trend.
Meanwhile, Bitcoin Minetrix’s presale has gained much attention in the crypto community. As one of the most highly anticipated pre-sales, Bitcoin Minetrix is offering early investors an opportunity to get in on the ground floor of their innovative project.
Bitcoin Minetrix’s Presale Surges, Attracting Investors with Unique Mining Model
Bitcoin Minetrix (BTCMTX) is emerging as a game-changer in the ever-evolving cryptocurrency landscape. This Ethereum-powered cloud mining venture has successfully amassed over $1.5 million in its presale, indicating a growing interest in its BTCMTX token.
Witness #BitcoinMinetrix achieving another remarkable milestone!
More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2
— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023
The project’s unique selling point is its “Stake-to-Mine” feature. By staking BTCMTX tokens, users can earn mining credits. These credits can then be transformed into cloud mining power, offering a novel approach to Bitcoin mining. Unlike many competitors plagued by transparency issues, Bitcoin Minetrix stands out with its commitment to clarity, evident from its smart contract audit by Coinsult and plans for liquidity locking on DEXs.
The team behind Bitcoin Minetrix is not resting on its laurels. They’re actively seeking collaborations with prominent cloud mining entities to enhance their offerings. Given the current momentum, there’s a palpable anticipation among early backers that the presale stages might conclude faster than anticipated.
BTCMTX tokens are available at $0.0111 in the ongoing second presale stage for those keen on joining the wave. With the next Bitcoin halving event on the horizon, platforms like Bitcoin Minetrix are poised to redefine the crypto mining landscape.
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