Multichain (MULTI) Struggles to Recover from Downtrend
Multichain (MULTI) is currently facing a challenging period as it tries to recover from a prolonged downtrend that began in April. The price of MULTI is currently trading at $1.92, showing a 3.87% increase for the day and a 1.82% increase over the past week. However, MULTI’s price is still bearish on a longer timeframe, with a 42% decrease over the past month and a significant 79% decrease over the past 90 days. The recent sell-off of MULTI was triggered by an announcement from the team stating that the blockchain’s bridging service was temporarily unavailable.
Key Points:
- MULTI’s price has been on a downtrend since April
- The current price of MULTI is $1.92
- The bridging service of Multichain is currently unavailable
- MULTI’s price is still bearish on a longer timeframe
- Multichain bulls are attempting to push the price higher
The Multichain team has announced that the bridging service is currently stopped, with no confirmed resume time. Users are advised not to use the Multichain bridging service until further notice. Despite this setback, there are efforts to push the price of Multichain higher. The price analysis suggests that MULTI is poised for a rebound, with a bullish trend observed over the past three sessions. The immediate challenge for MULTI is breaking the $2.0 trendline resistance, which has been limiting price movement since late May. Breaking this resistance would signal the end of the downtrend and pave the way for a potential recovery.
In conclusion, Multichain (MULTI) is facing a difficult period as it tries to recover from a prolonged downtrend. The bridging service of Multichain is currently unavailable, causing a sell-off in the price of MULTI. However, efforts are being made by Multichain bulls to push the price higher. Investors may also consider alternative cryptocurrencies, such as ($LPX), which has shown promising potential for high returns in 2021. ($LPX) aims to simplify Web3 for traders and investors and has already attracted significant investment in its presale.
Hot Take:
Multichain (MULTI) is facing challenges in its recovery from a downtrend, but there is potential for a rebound if the $2.0 trendline resistance is broken. Investors may also consider alternative cryptocurrencies like ($LPX) that offer high returns and innovative features in the Web3 domain.
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