MaidSafe Coin has experienced a small price increase totalling 2.73% over the past 24 hours of trading. MAID is currently trading at $0.27 after experiencing a precipitous price decline totalling 22% over the past 7 days of trading.
MaidSafe Coin was a project developed by David Irvine. He intended to create a decentralised data management service which would allow users to donate any spare resources they were not using the the SAFE network, then other users could then come and rent this spare resource from the network. This would create the SAFE network which stands for Safe Access For Everyone.
The SAFE network is comprised of farmers and users. The Farmers would be those that donated their spare resources. They are able to donate their CPU processing power, GPU graphical power and their internet connection to the SAFE network and thus creating a decentralised and secure internet. Users could then come and use the services provided by the SAFE network such as secure and safe data storage and internet browsing. The Users would pay for this service through MaidSafe Coin. Farmers would then in turn be remunerated for their donation of resources provided through the SAFE network through MaidSafeCoin and thus creating an efficient use case for MaidSafe Coin.
The unique feature that sets MAID apart from the rest of its cryptocurrency counter-parts is the fact that it is not based off of blockchain technology. MaidSafe uses its own decentralised communications codes to achieve consensus upon the network. Because of this single feature, the MaidSafe team claim that Maid is the highest performing cryptocurrency as it can handle up to thousands of transactions simultaneously.
Maid is currently ranked at 56th position in terms of overall market cap across the entire industry. The 51 month old coin, has a total market cap value of $126 million.
Let us continue to analyse price action fro Maid over the long term.
MAID/USD – LONG TERM – DAILY CHART
Analysing the market from the long term perspective presented in the chart above, we can see that MAID has experienced a prolonged bullish run throughout the year of 2017. This bull run started from a low of $0.21 on July 11th 2017 and extended to an all time high of $1.36 on January 2nd 2018. This was a price increase totalling over 500% from low to high.
We can see that price action declined during January quite rapidly as the market immediately found support at the .618 Fibonacci Retracement priced at $0.65. This Fibonacci Retracement is measured from the entire bullish run outlined above. It is also important to highlight that this level of support was bolstered by the 100 day moving average which was also priced within the same area.
Price action continued to decline during February and eventually completed a 100% retracement of the previous bullish move toward the end of March as price action hit a yearly low around $0.21. This is the initial starting price level of the bullish run which began in July 2017. We can see that this level provided ample support as teh market reversed from this zone.
Let us continue to analyse price action a little closer over the shorter period to highlight any potential future support and resistance zones.
MAID/USD – SHORT TERM – DAILY CHART
Analysing price action from a shorter term perspective, we can see that the market had experienced another bullish run during April 2018, as price action started from a low of $0.21 on March 30th 2018 and extended to a intermediary high of $0.52 on June 4th 2018. This was a price increase totalling 145% from low to high.
We can see that price action rolled over during June, until support was found at the short term .786 Fibonacci Retracement level priced at $0.2785 toward the end of June. This is a short term Fibonacci Retracement measured from the short term bullish run witnessed between March-June as outlined above.
This .786 Fibonacci Retracement level proved to provide strong support as the market reversed and continued to rally after this point. Price action continued to rally throughout July until it reached resistance at $0.50. We can see that from this resistance level, price action has rapidly declined in August. This is largely due to the overall bearish decline witnessed throughout the entire cryptocurrency industry. We can see that price action has fallen through many support levels to find some form of balance at the short term .786 Fibonacci Retracement level priced at $0.2785.
If the bulls can gather enough momentum from this area to begin a new price rally, we expect immediate resistance to be located at the psychological round number level of $0.30. Resistance above this level is expected at the short term .618 Fibonacci Retracement priced at $0.33. Further significant resistance above here can be expected at the .5 Fibonacci Retracement priced at $0.36. The 100 day moving average is also hovering slightly above this range adding to the expected resistance in this zone.
Alternatively, if the bearish pressure persists within the market and the bears can push price action below the .786 Fibonacci Retracement, we expect immediate support to be located at $0.26 which is November’s price low. Further support expected below this level is at the short term .886 Fibonacci Retracement level priced at $0.24.
The technical indicators within the market are heavily favouring the bears at this moment in time. The RSI indicator is currently trading at extreme oversold conditions as it trades below the 25 handle. For an indication that the bearish momentum is beginning to fade within the market, we will look for the RSI to make its way back toward the 50 handle. A break above the 50 handle would indicate that the bullish momentum is beginning to build within the market and a bullish run could follow.