MULTI/USDT - Multichain - Opportunity or scam ?

Multichain (MULTI) is currently undergoing a dynamic phase in the cryptocurrency market. Here's a brief analysis:

Fundamental Considerations:
Multichain (MULTI) is a cross chain router protocol with 93 chains integrated. It has a market cap of 30M$ and a 4M$ trading volume over 24 hours.

In July 2023, there was an incident related to a possible exploit or security breach associated with Multichain, causing the price to fall -40%.

Technical Overview:
Price went up 130 % in just a month from All-time low, and is down 90% from All-time high.

However price has made lower highs for the last 2 weeks, approaching the 200 EMA support with a reversal bear probability of 90% looking at moving averages.

My personal take:
It's just another shitcoin that's probably going down to zero. It was fun scalping it the last two weeks. Now I'm waiting to see what direction it takes, if the support will hold or not. Right now I am pausing trading on this coin until a clear direction is shown. I will keep you guys posted.

Bình luận:

Updated trend lines. Price is still narrowing, be careful if you don't have stop loss.

Đã hủy lệnh:

Price broke below EMA 200, the trend is now BEARISH and should not be traded long anymore.