The Multichain Price Recovery and Influencing Fundamentals
The Multichain (MULTI) price has been rebounding after experiencing a significant drop of 80% from its all-time high on May 28th. The support level at $0.991 halted the decline for MULTI, and now the altcoin is showing signs of an uptrend. By analyzing the chart, you can see that the token is moving away from the Exponential Moving Averages (EMA), which are crucial points in determining MultiChain’s next move.
One Key Factor Influencing MultiChain’s Price
When examining the MultiChain ecosystem, one significant factor stands out. The CEO of the network, Zhaojun, and his sister are expected to be released this month after their recent arrest. They were detained by Chinese authorities on allegations of tampering with user funds. This news has brought attention to MultiChain and has generated a high demand for MULTI’s products both locally and internationally.
MultiChain Price Forecast as MULTI Tests Key Resistance Levels
The MultiChain price has been consolidating within a descending parallel channel since late May. Traders have witnessed bullish and bearish fakeouts, catching some by surprise. However, skilled traders were able to anticipate these moves.
Currently, the MultiChain price is $2.234, and it has surpassed the 50-day EMA at $1.766. This level has transformed from a resistance level to a support level, indicating growing momentum for MULTI. The token is now poised to test the 100-day EMA.
If the bullish momentum continues, MULTI could overcome the 100-day EMA at $2.690, and potentially reach the 200-day EMA at $4.127. In a highly bullish scenario, the price could even reach the psychological $8 level. On the other hand, if selling pressure intensifies, MULTI could fall back into the downtrend channel at $0.991.
An Alternative to MultiChain: Bitcoin BSC
Bitcoin BSC is a potential alternative to MultiChain. It is built on the Ethereum-based Binance Smart Chain, offering speed, security, smart contract capabilities, affordability, and efficiency. Bitcoin BSC can be accessed through Trust Wallet or MetaMask decentralized applications (dApps), making it easy to store and trade. The project is currently in the presale stage, with over $1.259 million raised so far. Investors can purchase BTCBSC for $0.99 using Ethereum (ETH), Binance Coin (BNB), or Tether (USDT). The project also offers a staking feature and a referral program for passive income earning opportunities.
Hot Take: Potential Upside for MultiChain and Bitcoin BSC
MultiChain’s recent price recovery and the anticipation of the CEO’s release have sparked positive sentiment and demand for the token. With the potential to overcome key resistance levels, MultiChain could experience further upside in the near future. Meanwhile, Bitcoin BSC presents an alternative option for investors looking to participate in the Bitcoin ecosystem. With its unique features and promising gains, Bitcoin BSC has the potential to deliver significant returns. It’s important to stay updated on these projects and seize the opportunities they present.
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