MATIC price started a fresh increase from the $0.80 support zone.Polygon bulls are now aiming a another increase above the $1.05 resistance zone.- MATIC price started a decent increase above the $0.85 resistance against the US dollar.- The price is trading above $0.92 and the 100 simple moving average (4-hours).- There is a key bullish trend line forming with support near $0.955 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).- The pair could continue to rise towards the $1.08 and $1.20 resistance levels.
Polygon’s MATIC Price Eyes More Upsides This past month, polygon’s price declined below the $0.80 support zone.MATIC even broke the $0.75 support zone and the 100 simple moving average (4-hours).
However, the bulls were active near the $0.70 support zone.A base was formed above the $0.75 level and the price started a fresh increase.The price was able to clear the $0.80 and $0.85 resistance levels.The bulls took control above the $0.90 level and the 100 simple moving average (4-hours).Finally, the price spiked above the $1.0 level, outperforming bitcoin and ethereum.A high is formed near $1.05 and the price is now consolidating gains.It is trading above $0.92 and the 100 simple moving average (4-hours).MATIC price is also trading above the 23.6% Fib retracement level of the upward move from the $0.831 swing low to $1.054 high.
On the upside, an immediate resistance is near the $1.02 level.The first major resistance is forming near the $1.05 zone.Source: MATICUSD on TradingView.com If there is an upside break above the $1.02 and $1.05 resistance levels, the price could start another strong increase.In the stated case, the price could rise steadily towards the $1.20 level.
Dips Limited in MATIC? If MATIC price fails to rise above the $1.02 and $1.05 resistance levels, it could start a downside correction.An immediate support on the downside is near the $1.0 level.The main support is near the $0.950 level and a bullish trend line.A downside break below the $0.950 level could open the doors for a fresh decline towards $0.90.
The next major support is near the $0.85 level.
Technical Indicators 4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.Major Support Levels – $1.0 and $0.95.
Major Resistance Levels – $1.02, $1.05 and $1.20.Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets.He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer.He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
After months of research, the Tanzanian central bank announced recently that it had chosen a more cautious and risk-based approach towards the adoption of its central bank digital currency (CBDC).During the research phase, the central bank said it paid particular attention “to risks and controls associated with issuance, distribution, counterfeit and usage of currencies.” Finding the Right CBDC Technology The Bank of Tanzania (BOT) announced on Jan.14 that it had “adopted a phased, cautious and risk-based approach to adoption of CBDC [central bank digital currency].” The bank also said it will continue with its efforts aimed at finding “a suitable and appropriate use and technology for issuance of Tanzanian shillings in digital form.” According to a statement on the bank’s website, the BOT said it chose a more cautious approach after spending months researching and exploring the pros and cons of issuing the digital currency.
During this period, the BOT said it found that other central banks had adopted the same posture, while six countries had chosen to cancel their CBDC adoption “mainly due to structural and technological challenges in the implementation phase.” As reported by Bitcoin.com News in May 2022, the Tanzanian central bank said it planned to launch its CBDC because this had become a trend among central banks.
In addition, the bank said the digital currency would be “a safe[r] alternative because many people are being affected by cryptocurrency speculators.” However, fears the CBDC could disrupt the country’s financial system eventually forced the BOT, which signaled its readiness to launch in the first half of 2022, to adopt a more conservative approach.Risks Associated With CBDCs Meanwhile, during the research phase, the Tanzanian central bank revealed that it considered the type of CBDC to be issued, the models for issuance, the form of the digital currency, as well as the “degree of anonymity or traceability.” The statement also suggested the bank had given more attention to associated risks.“Particular attention also is paid to risks and controls associated with issuance, distribution, counterfeit and usage of currencies,” the central bank said.In the statement, the BOT said once the research is complete, the Tanzanian public will be given information on the way forward and this will likely include a roadmap for the “transition to CBDC adoption.” Register your email here to get a weekly update on African news sent to your inbox: Tags in this story What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara Terence Zimwara is a Zimbabwe award-winning journalist, author and writer.He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Cryptocurrency Cryptocurrency Outlook For 2023: Drama, Contagion, And Hope Cryptocurrency Outlook for 2023: The year 2022 has been atrocious for crypto, will it continue in 2023? Cryptocurrency Outlook for 2023: Last year was a game-changer for the cryptocurrency market.The landmine events that took place in 2022 brought attention to the (not-so) hidden flaws of the crypto industry.
From the initial Terra Luna collapse to Bitcoin (BTC) and Ethereum (ETH) losing 64% and 68% of their value simultaneously.Nobody imagined the crypto market cap to reach a low of US$727.58 billion after hitting US$3 Trillion in the final weeks of 2021.
While the downfalls and bankruptcies that followed it were catastrophic, the fallout from the FTX-Alameda collapse was almost unforeseen.It wasn’t just a downfall but an enormous breach of ecosystem-wide trust.
With so much insufficiency, what is the future of cryptocurrencies in 2023? With no doubts in mind, the cryptocurrency market in 2023 has a few bullets to dodge.After considering the performance of the crypto market in the past couple of years, it is apparent that the market is following the four-year cycle of Bitcoin.This cycle typically involves the market having a bullish year, followed by a correction year, followed by a good year and concluded by an excellent year.As 2021 was a bullish year followed by 2022 which was a year of “crypto winter”, 2023 is expected to be a good year for crypto in general.
While bearish in the short term, 2023 will bring once-in-a-decade opportunities to invest in broad and niche crypto themes.Themes like zero-knowledge proofs, NFT infrastructure, and web3 gaming are expected to see a substantial push on the development side and subsequent value accrual in the coming cycle.Experts have pointed out that we are currently experiencing a cryptocurrency decline which is expected to hit the bottom by the end of this year.This is further supported by the fact that analysts think the bear market will soon come to an end.
This should drive the prices of cryptocurrencies at the beginning of next year.Countries that have so far been slow to regulate crypto may take concrete steps to control the market in 2023, especially as individual investors have also suffered serious losses from 2022’s various incidents.The threat of contagion from the cryptocurrency sector to traditional finance has also increasingly been discussed as a reason to increase regulation.So, 2023 may be referred to as a year of regulation for crypto markets.On the other hand, there may be important developments in the field of central bank digital currencies (CBDC), which countries have been working on for several years.
Countries have already expressed their intention to compete with the crypto sector using the same technology.Thus, we may see a new front opened against cryptocurrencies with CBDCs.Investment Thesis for 2023 People in developed markets will view Bitcoin as a long-term store of value and a defense against M2 inflation rather than apparent CPI inflation.We envision India as a potential leader in crypto regulation as the Finance Ministry has been quite vocal about international cooperation on its regulation.With India helming the G20, there have already been several discussions about the scope of recognition and regulation of the industry.The potential of the ecosystem will be completely realized only when there are regulations for centralized crypto players, which are prone to misuse by those who control them.In emerging markets, remittances and non-dollar alternatives are given more consideration.
The Federal Reserve would delay raising rates if our recession predictions pass because inflation would likely decline, and the government would continue to print money and run budget deficits.If there were no negative cryptocurrency-related news, the price of Bitcoin could climb a wall of worry back to $25K under the above-case scenario.The majority of Federal Reserve officials anticipate that the benchmark interest rate will surpass 5% in 2023 as the U.S.central bank fights stubbornly high inflation.Then, rate cuts are expected to begin in 2024 after a pause in rates at that level.This trend supports the longer-term narrative and increases from the September 2023 median prediction of 4.6%.However, the long-term and median projections for 2022 remained unchanged at 2.5% and 4.4%, respectively.The industry is also battling for increased innovation and adoption of decentralized infrastructure, to offer more transparent and secure trading methods and management of digital assets.
With all this and more in the making, the coming year definitely looks promising for crypto enthusiasts who have continued to show faith as well as cynics who still question their viability.Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only.By using this, you agree that the information does not constitute any investment or financial instructions.Do conduct your own research and reach out to financial advisors before making any investment decisions.
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