The Multichain (MULTI) price has been recovering after an 80% slump from its May 28 high of $5.350. The $0.991 support level broke the fall for MULTI, and now the altcoin is nurturing an uptrend. As the chart below indicates, the token is finding its way from the thickets of the Exponential Moving Averages (EMA), making them the inflection points to determine MultiChain’s next move.
MultiChain Fundamentals Influencing Price
When considering the MultiChain ecosystem, one principal factor stands out. After his recent arrest, the network’s CEO and his sister are due for release this month. Zhaojun was arrested by Chinese authorities in July, together with his sister, on allegations of “tampering with user funds.”
1. On May 21, 2023, Multichain CEO Zhaojun was taken away by the Chinese police from his home and has been out of contact with the global Multichain team ever since. The team contacted the MPC node operators and learned that their operational access keys to MPC node servers had…
— Multichain (Previously Anyswap) (@MultichainOrg) July 14, 2023
Below is a complete rundown of how the events took place, according to CoinWire
To prioritize the security of user assets, Binance exchange temporarily suspended deposits and withdrawals for Multichain-bridged tokens amid the uncertainties.
Besides the expected release, the network is also anticipating collaborating with a major industry player. The speculation has inspired a resounding demand for MULTI’s products locally and internationally.
There are rumours going around that the CEO of $MULTI is being released this month by the Chinese authorities.
— 💎ALTSTEIN TRADE💎 (@Altsteinn) September 11, 2023
There is no confirmation of the identity of the expected partner, but the InsideBitcoins team will bring you updates as they unfold.
MultiChain Price Forecast as MULTI Tests 100-day EMA
The MultiChain price action since late May has seen MULTI consolidate within the confines of two boundaries of the descending parallel channel. As indicated, bullish and bearish fakeouts formed part of the allure for traders, catching some off-guard, especially the more conservative lot, but skilled traders saw it coming.
At the time of writing, the MultiChain price is $2.234 after flipping the 50-day EMA at $1.766. This hurdle was transformed from a resistance level to support amid growing momentum, paving the way for MULTI to test the 100-day EMA.
The daily chart for the MULTI/USDT trading pair shows that the histogram bars of the Awesome Oscillatory are turning green. This indicates that the bulls maintain a presence in the MULTI market, increasing the odds for further upside potential.
With a forecasted four-fold move north, MultiChain price could overcome the 100-day EMA at $2.690 after confirming its northbound move above the 50-day EMA. MULTI could shatter the 200-day EMA at $4.127 in a highly bullish case, possibly extending north toward the supply zone (SZ) at around the psychological $8 level.
On the other hand, if selling momentum abounds, the MultiChain price could continue south. A rejection from the 100-day EMA at $2.689 could see MULTI ultimately lose the 50-day EMA support before falling back into the downtrend channel at $0.991. A break below the midline of this bearish technical formation would confirm the downtrend.
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