With the recent surge in bitcoin prices, two tokens that focus on the scalability of blockchain technology have created the long-awaited “golden cross”. This triggered a price increase that coincides with the good moment of the crypto market.
The FLETA Token Prize, a South Korean platform that focuses on developing highly scalable dApps, has seen growth of over 20% in the past seven days. after the “Golden Cross” will coincide with Bitcoin’s price increase.
First of all The FLETA token price stamped a strong upward channel for the FLETAUSD pair on the Bittrex exchange in its 1H chart. after the token price reached the minimum of $ 0.003658 on April 16, 2020.
After spending a few days generating a sideways price movement, his “Golden Cross” was executed on April 18, breaking the pattern at $ 0.003998 and starting his career upwards On the same day, the Bitcoin price managed to break the $ 7,200 psychological barrier.
As expected, the Bitcoin price rose to $ 7,600 on Thursday, April 23, 2020. The rest of the cryptocurrency market responded positively and the FLETA token was no exception.
At that point, the price managed to break a shoulder-head-shoulder pattern and continue its upward rally of the past seven days, which allowed him to break through the resistance level. Generate profits of up to + 24.88%, if it seems to be approaching USD 0.050 without any problems in the next few hours.
The main support level is in the $ 0.0042256 zone, which is consistent with the Fibonacci retracement level of 23.6%. Measured by the trend of moving averages We may see a short-term correction in the $ 0.00465 zone only if the token price breaks down the current bullish retracement of 78.6%.
Medium-term trend change
According to the daily price chart for the FLETAUSD pair, the token has managed to break out of its minimum price zone and is starting to print a positive slope towards the upper limits of the consolidation zone, which is at Fibonacci retracement levels at 23.6%.
If the trend continues and the bulls make Bitcoin’s price exceed 8,000 levels in the weeks leading up to halving, we can certainly see a FLETA token advantage from the rest of the crypto market and generate higher lows that bring it towards the matching Fibonacci levels of 38.2%.
These levels are key to the price of the FLETA token as they match the Fibonacci retracement levels of 78.6%, which are made up of FLETA’s historical highs and lows.
This green zone between the two setbacks represents the final upward trend change for the token of the platform originating in South Korea.
Another key metric that both coincides with withdrawals and points to the upward trend of the FLETA token in the medium term is the moving average of 200 periods at the upper limits of the green zone at USD 0.00637883. This would mean an ROI of up to + 29.85% compared to the current listing price.
On the other hand, the technical indicators RSI and Aaron for this chart are optimistic about the price of the FLETA token. The RSI rises significantly towards the overbought zone, while Aaron has his bearish signal right at the bottom of the chart, indicating that the price is currently no bigger than simple corrections.
For its part, the Chaikin Money Flow indicator indicates that there has been a strong inflow of capital into the FLETA ecosystem in the past few days, which is due to the medium-term confidence of investors in the recovery in market prices in general.
In the first quarter of 2020, amid a global crisis due to the coronavirus pandemic, The platform has managed to forge important alliances with other platforms such as Tomochain, Wanchain and Heart Number Develop technical aspects of improvements through our own technology and core network.
Also The platform announced the launch of its own social platform on Wallet Streetthat simulates building construction based on cryptocurrencies held by users.
Due to the success of the social network, the company also launched its own YouTube streaming channel ‘Wallet Street Music’ for users of the platform a week ago and compensated them for continuing to actively listen to the pre-selected music display.
Come and enjoy our ‘Youtube Music LIVE Streaming’!
Live streaming will be live around the clock!
You can get an Amazon gift card worth $ 25 as a “prize”!
The codes are announced individually and the first person to publish all of the code on Amazon is the winner. Http://t.co/KsPcwf6mpL#amazon pic.twitter.com/AjApKH7CqG
– walletstreet (@walletstreet) April 22, 2020
Matic is also on the rise
The Matic Network platform’s native token is another token that has garnered attention in recent days, due to the collapse of his resistance a few days ago after the gold cross was executed in parallel with the price of Bitcoin.
At the time of writing, the price of the token, which specializes in side chains built on Ethereum, is trading at a spot rate of $ 0.015, and everything seems to indicate that on its 1H chart in Binance, the pair is sort of a Spinball was triggered. MATICUSD, after printing highs of up to $ 0.016, just four days after her “Golden Cross”.
The price of the Matic token started rising on April 21 when it hit the minimum of $ 0.01166 a rally in recent days that has catapulted the market price hike due to the optimistic sentiment forecast by Bitcoin, that he was allowed to generate a strong bullish pennant with a maximum of $ 0.01617005
Now the price is struggling not to enter the key support zone at the 38.2% Fibonacci retracement level and to maintain the upward trend within the projected flag to catapult the resistance zone (green box).
In the medium term The price of the Matic token predicts a strong upward channel that appears to be recovering to the level of early March, shortly before the market crisis due to pandemic fears.
If the bulls keep control of the market, The token price could lower the bullish Fibonacci level to 61.8%. an important level in the USD 0.018 zone to rethink USD 0.020.
Currently the medium-term aroon indicator is bullish, its positive signal is at the top of the chart, while its counterpart remains at the bottom.
Matic Network has made great strides in the past few months. with large business capacities and a large number of key blockchain ecosystem customers who take over their network to scale the transactions executed to Ethereum.
According to its official website, The main network is expected to start in this quarter of the year. Counter Stake was launched a few weeks ago after its deployment program.
The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.