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MATIC Price Prediction: Over the last two weeks, the MATIC price witnessed a steady downfall between two converging trendlines. In the 4-hour time frame chart this correction phase is shaped into a famous bullish continuation pattern called a falling wedge. Here’s how this pattern is likely to influence the polygon coin’s future price. Key Points  The MATIC price will continue to ongoing correction until the falling wedge pattern is intact A potential bullish breakout from the overhead trendline will signal the resumption of the prevailing recovery phase. The intraday trading volume in the MATIC is $397 Million, indicating a 31% gain. Source- -Tradingview In theory, the asset price falling within converging trendlines indicates a gradual loss of bearish momentum. As the coin price reaches the peak of the wedge pattern, the buyers usually reclaim trend control and breach the overhead trendline to start a bullish rally. However, with the increased uncertainty in the crypto market, the MATIC price showcased a fake breakdown from the pattern’s support trendline. On March 27th, the price breached the lower trendline, indicating sellers’ dominance and the possibility of further downfall. Also Read: Top 6 Liquid Staking Platforms On Ethereum However, the seller couldn’t sustain lower levels and with today’s 1.5% jump, the MATIC price reclaimed the breached trendline. If the coin shows sustainability above the support trendline and the buyers could drive the price to the overhead trendline.  This bear trap must have caught aggressive short-sellers who may face force liquidation for narrow stop loss and thus increase buying orders in the market. Anyhow, interested traders looking for an entry opportunity should wait for a bullish breakout from the pattern’s resistance trendline. This potential breakout could raise the polygon coin’s market value to the $1.2 mark. Technical Indicators RSI: despite a downtrend in price action, the 4-hour RSI slope moving sideways accentuates losing bearish momentum. This bullish divergence gives additional confirmation for the upcoming bullish breakout. Bollinger Band: The MATIC price trading below the midline of the Bollinger band indicator reflects the sellers are currently controlling the price trend. MATIC Coin Price Intraday Levels Spot rate: $1.056 Trend: Bullish Volatility: Medium Resistance levels- $1.08, and $1.15 Support levels- $1.03 and $0.94 The post MATIC Price Prediction: Bear Trap Drives Polygon Coin Price For A Potential 18% Rally appeared first on CoinGape.
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The new mainnet of crypto games, the Polygon zkEVM, was launched with a special guest. And indeed, the first transaction was sent by Ethereum co-founder Vitalik Buterin and hides a message from him. Polygon launches crypto games mainnet and invites Buterin to make first transaction The heralded mainnet dedicated to crypto games, the Polygon zkEVM has been launched and to mark the occasion Vitalik Buterin has been invited to make the first transaction, with a hidden message.  Here’s the announcement from Polygon co-founder Sandeep Nailwal, who shared it on the social network of crypto-lovers, Twitter: .@VitalikButerin did the symbolic first ever transaction on @0xPolygon #zkEVM and it has a message on it "Millions of constraints for man, unconstrained scalability for mankind" Goose bumps!! https://t.co/HLNiVyRLie pic.twitter.com/Ue0C1CuDTd — Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) March 27, 2023 In essence, Ethereum co-founder Vitalik Buterin could not say no to the sidechain developers’ invitation to be the first to make the very first transaction of the new Polygon zkEVM mainnet Polygon. Not only that, Buterin also included in the transaction a hidden message converted into hexadecimal code, which he quotes as follows: “A few million constraints for man, unconstrained scalability for mankind” The Polygon zkEVM mainnet for crypto games and the 69042 gas limit imposed by Buterin Buterin also repeatedly wanted to set the gas limit of Ethereum network transactions at 69,042. This move caused Polygon’s Head of Growth, Leon Stern, to publicly describe him as a “man of culture.” .@VitalikButerin sent the transaction on Polygon zkEVM He is a man of culture. Ensure that the gas limit is 69042 pic.twitter.com/Eh0ebi7giA — sanket.polygon | polygon zkEVM on 27th March (@sourcex44) March 27, 2023 It is likely that Buterin chose the number 69042 to reference one meme number (69) and almost another (420). The partnership with Immutable The zkEVM network was created by Polygon together with Immutable, and is a new platform dedicated to developers in the crypto world. Announced last week, the new platform is a real breakthrough in blockchain-based gaming, integrating the use of ZK technology that will serve to accelerate the development of Web3 games. Ethereum’s two layer-2s, Polygon and Immutable, have merged into zkEVM specifically to enable game developers to have an unprecedented building experience on Ethereum. All of this could only be made even more official through Buterin’s involvement at the time of its launch. The result of the partnership, zkEVM, combines zero-knowledge rollups – which bundle loads of transactions and run those tests on Ethereum – with full compatibility with the Ethereum Virtual Machine.  This means that it is a native extension of Ethereum and that the smart contracts, which contain the code that powers the decentralized protocols and software, can be easily transferred over the zkEVM network. The Polygon (MATIC) crypto dumps in the last seven days Despite the resounding launch of zkEVM, also referred to as the “holy grail of blockchain scalability,” the Polygon (MATIC) crypto seems not to reflect that success. And indeed, MATIC has experienced a price dump in the past 7 days, just after zkEVM’s announcement. From $1.16 last Tuesday, today MATIC is worth $1.05. This is no big deal if you look at MATIC’s price chart from previous weeks. The price started at $0.96 on 9 March, touching $1.24 over the next five days. The ninth crypto by market capitalization has a dominance of 0.84% over the entire cryptocurrency market.  
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Polygon Labs, the firm responsible for the Web3 framework employed by prominent companies like Meta, Stripe, and Reddit, has unveiled the Mainnet Beta for its revolutionary Polygon zkEVM. This cutting-edge technology, now entirely open-source under the AGPL v3 license, allows developers to access repositories for modification, utilization, and distribution as required. The innovative Polygon zkEVM […]
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Binance listing a large number of cryptocurrencies with TrueUSD (TUSD) trading pairs and extending support to the stablecoin reportedly related to Tron founder Justin Sun raises questions. Binance on Tuesday said it is adding more TUSD trading pairs amid efforts to replace Binance USD (BUSD). According to an official announcement on March 28, Binance adding more crypto with TUSD trading pairs including XRP, Lido DAO (LDO), Polygon (MATIC), Optimism (OP), Solana (SOL), and SSV. Users can start trading for the LDO/TUSD, MATIC/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD, and XRP/TUSD trading pairs from March 29 at 08:00 UTC. Also, the new TUSD trading pairs will have zero fees. Binance TUSD Red Flag Risk Amid Lawsuit by US CFTC Multiple reports claimed that TUSD stablecoin is related to Tron founder Justin Sun. The crypto community is concerned over Binance’s extensive support to TrueUSD despite the stablecoin having just a $2 billion market cap. The market cap went from $1.3 billion to 2.08 billion between March 12-13 amid the closure of crypto-friendly Signature Bank. Justin Sun and Binance minted a significant amount of TUSD. Moreover, the US CFTC on Monday filed a lawsuit against Binance and its CEO Changpeng “CZ” Zhao, alleging crypto trading and derivates regulations violation. However, Binance CEO has refused allegations, calling the CFTC suit “an incomplete recitation of facts.” Binance even converted BUSD holdings in the Secure Asset Fund for Users (SAFU) fund for TUSD and USDT after the U.S. regulators ordered Paxos to stop minting BUSD. On March 15, Binance made major changes to its zero-fee Bitcoin trading program and BUSD zero-maker fee promotion, with BTC/TUSD as the only zero-fee spot trading pair starting from March 22. CoinGape earlier reported an overall decline in daily trading volume on Binance after it ended zero-fee trading on all pairs, except TUSD. Bitcoin trading volume for the BTC-USDT pair fell 90% and trading volume from TUSD is relatively low. Also Read: Why the CFTC Case Is Much More Than Just A Passing FUD for Binance? The post Binance Listing Multiple Crypto With TUSD Reportedly Linked To Justin Sun appeared first on CoinGape.
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According to reports, the co-founder of TerraForm Labs, Do Kwon, was detained by the police in Montenegro last week at the airport in the capital city of Podgorica. Kwon, who has been on the run from the authorities in South Korea, is now planning to file an appeal against his incarceration as a result of a ruling by the Montenegro court to extend it by another 30 days. Montenegro Says “We First” The Montenegrin prosecution placed a strong emphasis on the fact that Do Kwon must first be tried for forging passports before he can be extradited to either South Korea or the United States. According to reports from the local officials in Montenegro, they were unable to verify Kwon’s immigration paperwork if he entered the country without going through the proper channels or following the entry procedures. In the event that illegal entry is discovered, additional punishment might be imposed as a result. Read More: Polygon Unveils Its Layer-2 zkEVM Network; Is MATIC Price Poised To Rally? Prosecutor Haris Shabotich alleges that if Kwon had simply been arrested without causing any additional legal problems, such as by using his Korean passport, he would have been able to proceed directly to the process of criminal extradition. However, the situation became more complicated when he became a party to a criminal case that was being heard by the Montenegrin court system. Haris was quoted as saying: We can move on to the next step only when the prosecution of this case is over. And, there is no possibility that recruits will be extradited during the 30 days Kwon is detained. Do Kwon Faces U.S. Fraud Charges Do Kwon might also have to answer for his role in the failure of the LUNA and UST algorithmic stablecoins, which resulted in a loss of $40 billion in cryptocurrency, in a court in the United States. However, the time frame for his extradition from Montenegro remains unknown due to the legal proceedings that might detain Kwon for additional thirty days. The court reached the conclusion to extend the time of custody for up to 30 days, stating that Kwon and the other individuals are “foreigners” residing in Singapore, have a high probability to flee, and that their identities have not been definitively proved. According to Montenegrin law, forging a passport is considered a serious crime that can result in a prison sentence of up to five years. As things stand, the price of LUNA is currently exchanging hands at $1.24 which represents a drop of 4.89% over the past 24 hours in comparison to a decline of 11.45% recorded over the last seven days. Also Read: U.S. CFTC Sues Binance And CEO CZ For Violating Regulations; BNB Price Set To Crash? The post Do Kwon Might Face 5 Years In Montenegrin Prison; Extradition To Happen After Prosecution? appeared first on CoinGape.
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Crypto News: Yet another major regulatory enforcement action came for the crypto market on Monday with the U.S. Commodity Futures Trading Commission’s (CFTC) lawsuit against crypto exchange Binance. The lawsuit named the exchange’s Chief Executive Officer, Changpeng “CZ” Zhao over violation of trading and derivatives related regulations. This news came as a setback for traders as Bitcoin price fell below the $27,000 milestone in reaction to the lawsuit. Reacting to this, CZ tweeted referring to an interesting caveat he spoke about before. Also Read: U.S. CFTC Sues Binance And CEO CZ For Violating Regulations; BNB Price Set To Crash? CZ Tweets ‘4’ – What It Means The Binance CEO tweeted the digit ‘4’ immediately after news broke of the CFTC lawsuit against the crypto exchange. CZ has been known to be a highly optimistic and popular voice in the crypto ecosystem. The top exchange had in recent times attracted scrutiny about lack of clarity about its asset reserves. However, it stood out to be the top exchange in terms of transactions and trading volume. 4 — CZ Binance (@cz_binance) March 27, 2023 In his own words, CZ recently said digit ‘4’ means “Ignore FUD, fake news, attacks, etc.” This comment came in the form of a warning in early January 2023. Also Read: Polygon Unveils Its Layer-2 zkEVM Network; Is MATIC Price Poised To Rally? The post Binance CEO CZ Tweets “4”; Here’s The Secret Behind Digit 4 appeared first on CoinGape.
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Elon Musk News: It was in May 2021 that Tesla CEO Elon Musk said the automaker was suspending vehicle purchases using Bitcoin. He cited rapid rise in use of fossil fuels for Bitcoin mining. However, Musk had at the time said Tesla will not be selling any Bitcoin and even said the idea of cryptocurrencies is good on many levels. Meanwhile, XRP lawyer John Deaton believes the energy consumption argument is losing strength in the current scenario. Also Read: U.S. CFTC Sues Binance And CEO CZ For Violating Regulations; BNB Price Set To Crash? The Tesla CEO said the company was looking at other cryptocurrencies that use less than 1% of energy consumed per each Bitcoin transaction. Since then, Musk had on several occasions supported meme token Dogecoin ($DOGE). XRP Lawyer Emphasizes On Macro Environment Deaton said in his latest comment that people will be focused more on the state of the economy rather than Bitcoin mining’s energy consumption. He made the comment in the backdrop of the US macro environment stressed with the volatility surrounding the ongoing regional banking crisis. The crisis came at a time when the US Federal Reserve continues its interest rate raising spree in its efforts to tighten to be able to bring inflation down to the 2% target. “The energy consumption argument is losing its legs. People are going to become much more worried about jobs and the economy and a lot less worried about how much energy Bitcoin consumes.” Meanwhile, the Bitcoin price is sliding amid news of some recovery in the US bank stocks as well as the CFTC’s latest action on crypto exchange Binance. Also Read: Polygon Unveils Its Layer-2 zkEVM Network; Is MATIC Price Poised To Rally? The post XRP Lawyer Dismisses Elon Musk View On Bitcoin; Here’s Why appeared first on CoinGape.
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Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week. XRP XRP, formerly ripple, rose for a third consecutive session on Monday, as prices neared a five-month high. Following a low of 0.4438 on Sunday, XRP/USD raced to an intraday high of $0.4877 earlier in today’s session. As a result of the move, XRP moved closer to a recent high of $0.4940, which is the strongest point the token has hit since November 6. Looking at the chart, this latest rally comes as the relative strength index (RSI) moved towards a ceiling at 70.00. As of writing, the index is tracking at 66.91, and should it pass the 70.00 mark, then XRP will likely hit a fresh multi-month high. A long-term ceiling at the $0.5000 mark could potentially be a target for current bulls in the market. Polygon (MATIC) Polygon (MATIC), moved lower to start the week, with the token falling towards a recent support point. MATIC/USD fell to a bottom at $1.08, which comes a day after prices were trading at a high of $1.12. Overall, polygon is now on the brink of colliding with the $1.05 floor, which was last hit on March 12. From the chart, it looks like a downward cross has taken place between the 10-day (red), and 25-day (blue) moving averages. In addition to this, the RSI is now tracking at 43.62, which is marginally above a resistance level of 43.00. Should momentum continue to fall, there is a strong possibility that MATIC will move below $1.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments.
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