News

Altcoins left and right are showing signs of clear reversals even though major altcoins such as Ethereum, Litecoin or Cardano are still sluggish. We have now witnessed several coins on Binance and Bittrex moving. For example Raven (RVN) has managed 400% gains, while coins like GoChain (GO) and Dock (DOCK) have managed over 250% profits lately.

Now our focus is on Mainframe (MFT), which is a relative new platform for unstoppable, private and decentralized applications. Applications built on the network are meant to send data, receive data, store data, send payments and run tasks in a fully encrypted and scalable manner. The first application that was built on MFT was a project named Onyx that offered functions and the design comparable to Slack chat.

Recent news included their partnership with Telefónica (NYSE: TEF) and their innovation arm Wayra to develop secure and scalable methods for handling user data. Currently 300 million users worldwide are trusting Telefónica with their subscriptions under brands such as O2 and Moviestar.

Chart

The historical MFT/BTC chart seems to show a clear trend reversal on the daily. The only thing we left out is the starting price of 700 sats as it would make the chart hard to read.

Currently as it stands the price has built up an ascending triangle chart pattern, which should be a sign of reversal from the bear market to the bull market. The bottom of 66 sats came with clear volume spikes and we have seen batches of buys flowing in steadily with almost 0 sell volumes.

The price needs to exceed the 150-160 range to show clear signs of a break out, which will be potentially followed by a run up to our first target of 190-200 sats.