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How are the coins Polygon (MATIC), JasmyCoin (JASMY), and Pi (PI) performing within the crypto market? Let’s see below all the details regarding prices and the latest news about them.
Summary
Analysis of the trend of Polygon (MATIC): the comparison with the crypto JASMY and PI
During the past month, the token MATIC experienced a slight rebound reaching $0.42, after having suffered significant declines in the previous month.
This rebound allowed a modest price retracement, but unfortunately encountered solid resistance at $0.56. In the middle of the month, MATIC lost momentum, returning to a bear trend that remained steady every day.
The cryptocurrency has experienced a significant decrease in value and is now close to losing support. Looking back, from the point where MATIC started to drop from $1.30 to the current level of about $0.49, a correction of over 70% can be observed.
However, it is likely that this bear phase may end soon, as the market is reaching a point of exhaustion visible in the daily charts.
Analyzing the recent formation of the candles, it is noted that the supply of MATIC is decreasing day by day compared to the period when it started to lose momentum in March.
This decline was triggered by a drastic reduction in sales volume. If this situation continues, the price could enter an oversold condition.
Situation in which the bulls could consider a significant position to enter the market. At the moment, however, the bears maintain control.
As Polygon slowly approaches the June low of $0.428, the next crucial level to monitor for a potential breakdown is $0.35. Below this level, the June 2022 low is set at $0.30.
Currently, there is no room for the bulls in the market, with the current resistance holding at $0.56, the July high. If the market manages to overcome this resistance, the next levels to monitor would be between $0.645 and $0.77.
Challenges in the crypto market: decline of JasmyCoin
The market of criptovalute continues to remain in difficulty, with JasmyCoin (JASMY) that has recently suffered drastic drops in price. In particular, the crypto has seen a steep fall of over 28% in just one day, due to intense selling pressure.
Currently, JASMY is being traded at around $0.01642, marking a decrease of 28.34% in the last 24 hours. The market capitalization of JasmyCoin is now approximately 833.74 million dollars, with a 24-hour trading volume that has reached 257.68 million dollars.
An increase therefore of 70.39% compared to the previous days, indicating a significant rise in trading activity.
The technical analysis shows that JasmyCoin is currently below its 20-day simple moving average (SMA). It has also recorded a significant decrease in its relative strength index (RSI), now at 26.56, suggesting that the coin is in an oversold phase.
The Bollinger Bands indicate increasing volatility, with the price approaching the lower band. The crucial support levels for JasmyCoin include the current trading level of $0.01642 and a short-term support at $0.0122.
On the resistance front, the 20-day SMA around $0.0270 and the upper band of the Bollinger Bands around $0.033 act as possible barriers if the price attempts a rebound.
Questo scenario riflette un sentimento bear predominante nel mercato, lasciando spazio a molte incertezze per gli investitori.
Pi: unexpected increase in the extraction rate and future prospects
On August 1st, Pi Network surprised the community with a significant increase in the base mining rate, increased by 18%, contrary to the predictions of a reduction.
This unexpected increase occurred after the recent announcements regarding substantial changes to the base mining rate for the months of August and October.
Pi Network has decided to stop rewarding duplicate nodes and inactive accounts that had passed KYC, with the goal of preserving the legitimacy and fairness of the network.
This action aims to prevent any exploitation that could compromise the Pi community.
As a result, the base mining rate for August was considerably increased, providing miners with a greater incentive to operate transparently and correctly.
The increase in the base mining rate has been attributed to the exceeding of the monthly Pi supply limit, caused by a sudden surge in the number of pioneers and their mining rates facilitated by lockups.
Discussions on social media suggest that the extraction rate could continue to grow in the next two months.
However, a reduction in the mining rate is expected by the end of the month as part of a strategy to prepare for the launch of the long-awaited mainnet of the network.
The launch of the mainnet will unlock the full potential of Pi Network, allowing integration with exchanges and other blockchains, and pushing the Pi ecosystem towards a more open and accessible configuration.
Pi Network, renowned for its innovative approach to cryptocurrency mining, continues to implement changes that demonstrate its commitment to creating a fair and sustainable ecosystem for its users.