29 Dec 2021

Polygon Matic looking for new ATHs, Bitcoin remains relatively stable, and Theta struggling to stay over its supports.

Market Analysis from the last week of the most influent markets in the cryptocurrency world.

BTC/BUSD Market

As expected, during the holiday weekend we saw low volumes on bitcoin trading, and price remained relatively stable. This enabled other altcoins to go on small pumps, but signalled that the direction of bitcoin's trend is yet to be decided.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
The previous week ended with bitcoin touching the upper resistance level that we had mentioned previously, coinciding with the 20EMA at around $51.8k. This week started with a rejection of that level and a bounce downwards towards the lower support or the 50EMA, at around $45k. Until bitcoin ranges between these two EMA ranges, it can be considered a lateralisation move and it doesn't signal a trend continuation nor a trend exhaustion.

This would currently answer the question of how much is one bitcoin worth, as the crypto has been stabilising around its moving average, or average price for a long period of time.
Additionally, as bitcoin price today would suggest, after struggling to hold the $51.8k level, it can't be excluded that bitcoin's price might go and test even lower support below $40k if the $45k level doesn't hold. This would be a really significant move as it could see a bounce at these levels to then continue towards new ATH in 2022, or could see the levels not holding and signal a possible bear market into next year. Where 1 btc to usd currently converts to less than $48k, Bitcoin price prediction 2022 would suggest a slow start to next year, with a price action still deciding on whether to continue the bull run or turn bear.

Relevant News

Over the weekend, The Turkish Financial Crimes Investigation Board (MASAK) fined Binance Turkey 8 Million lira ( $750k) after the crypto exchange failed to comply with an Anti-Money Laundering (AML) audit.
According to Turkish news media, MASAK carried out an audit on the basis of Law 5549, for Prevention of Laundering Proceeds of Crime. The law requires companies like Binance to verify and identify the personal identification information such as name and surname, date of birth, and type and number of id of its customers, and report suspicious activity to the government within 10-days. This is just the latest from the Turkish government which recently stated that it's working on new crypto laws, with the goal in mind to bring back the depreciating value of the Turkish Lira.

Bitcoin, still one of the most popular assets on Binance, even though bitcoin mining has been overtaken due to higher profitability by ethereum and other crypto, has always been the centre of debate on topics tied to money laundering, with many arguing it's the exchanges duty to do what they can to prevent this.
Finally, with tears to their eyes, crypto twitter mourns the death of Grichka Bogdanoff. The french television presenter and producers had become famous in the 2018 bull run with one of the most iconic memes on bitcoin. The community has expressed their condolences to his brother and family.

MATIC/BUSD Market

Polygon, known also as Polygon Matic, has continued its extremely bullish trend, fairly exceeding everyone's expectation for its price this year. Matic price at the beginning of 2021 was close to $0.025, reaching a new ATH of $2.8 last week, or 112x higher than 12 months ago.
MATIC/BUSD weekly candles chart with supports and resistance
MATIC/BUSD weekly candles chart with supports and resistance
Matic is a scaling solution built on the Ethereum blockchain that aims to provide multiple tools to improve the speed and reduce the complexities and cost of transactions on the networks. Many, such as Dean Thomas, Polygon's global head of institutional capital, suggest that the Matic network is like an index fund for Ethereum scaling solutions. This would suggest that a surge in the price of Matic could also positively affect ethereum price.

Currently Matic crypto keeps on performing really well, signalling the bull market it is in, is likely to continue. The price is holding the moving average, we saw a bounce on the 50EMA followed by one on the 20EMA, before continuing the upper trend. Until these levels hold, the coin is likely to continue testing new ATH. Matic price prediction would suggest that the coin will likely test the $3 level early next year. For the trend to reverse, the price would need to hold under the 100EMA, which currently, seems quite unlikely.

Relevant News

In late November, Polygon crypto co-founder Mihailo Bjelic announced that the company had submitted a proposal to Uniswap governance to deploy Uniswap v3 on the polygon network. Just a few days before Christmas, the proposal got voted in, with over 72Million Uni tokens pledged in favour of the proposal, and just 500k against it; with Uniswap Labs announcing the launch of the next version of its DEX on the Polygon network.
Users can connect their Matic metamask wallet to the DEX and easily trade their coins, whilst still remaining in possession of them at all times. With the upgrade to the Polygon network users can now benefit from lower gas fees and faster transactions, an issue that has been plaguing the ethereum network for the last few years.

THETA/BUSD Market

Theta coin has been a really solid project throughout 2021, although this does not seem to have reflected in its price. Since launching on Binance in mid-2021 at around $8, Theta token price has been ranging between the low support level of $4 and the launch price of $8, the most significant resistance level. It seems like the crypto has struggled to maintain low or high price levels and has oscillated around the mean of $5.
THETA/BUSD weekly candles chart with supports and resistance
THETA/BUSD weekly candles chart with supports and resistance
The current week started off bearish, after a positive bounce over the previous few days. Theta price briefly touched the 100EMA at $5.80 but rejected this level, and started falling toward the lower level of the 20EMA, coinciding with the support level of $4.7. This is a crucial level, that if broken, could likely see the price retesting the lowest support level, or price floor, around $4.7- 4. This could be a great entry price for long positions but also a really risky one. If these low levels don't hold, the price could dip into low untested territory.

The coin has been performing similarly with other fiat pairs, where theta coin to PHP, EUR and gbp and all seen similar declines as to the price against usd. Currently, due to its risk, it would be better to stay cautious and wait for a positive bounce before buying this coin.

To conclude, the question many still have is Can theta reach $100? This would seem to be quite unrealistic, at least for the immediate future. However, if the current price holds, it's not impossible to see the price pushing back towards $8 in early 2022.

Relevant News

In other news, theta has kept growing in popularity due to its development within the gaming industry, with its aim to take a share of the streaming and gaming market.

Theta has its own streaming platform, Theta.tv, that similarly to twitch allows gamers to stream their live content whilst playing. Additionally, by using their Theta coins, watchers can wager on the march and make other predictions, in the hope of winning more coins. Watchers can also donate some of the coins to the streamers.

Recently, Theta has also entered the gaming industry with their own Theta arena game, called Thetan arena.
The game, which is currently available on android, ios, pc and more, allows players to compete in a battle royale game, where the characters are unique NFTs that can be bought, collected and used to compete in the game. This can be a fun activity for NFT collectors and other people looking to earn free coins by playing games with their cryptocurrencies.
BTC/BUSD, MATIC/BUSD, and THETA/BUSD are available for trading on yanda.io dApp, together with hundreds of different market pairs.

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Author: Matteo Poole
info@yanda.io