How much of your life is stored digitally?
Your photos, your files, your most intimate conversations, it’s all on a hard drive somewhere and it’s probably easy to access by you, but also by the cloud storage companies you trust.
MaidSafe (MAID) is a company that is designing and implementing what they call the SAFE Network – a next-generation decentralized and secure network. The SAFE (Secure Access For Everyone) Network is a new secure and decentralized data management service that is built by sharing the unused computer resources of the individual network participants. Each user of the SAFE Network provides a part of their computer resources: data storage space, processing power, and Internet connectivity thus forming a large decentralized network.
The SAFE network puts its user’s safety and security on top of everything else and so the user data is encrypted and broken up into chunks that are spread among the users of the network. The people that participate in it are not actually aware of the data they have been asked to store on their systems, not they have direct access to what is currently stored on their computers. Furthermore as a user if you share some of your unused computing resources on the SAFE network you are going to be compensated for doing so and get paid in Safecoin crypto tokens.
The SAFE network is not being controlled by a single large entity or a multiple of global ones, it is not controlled by anyone in fact as it is decentralized and the users participating are what is essentially building up the network itself. So without people like you, the future user of the network there will be no network. There will be no privacy violations whether you decide to host your own website on the network, visit a website somebody else already made, create or run an application or just provide some of your spare computing resources to help make the SAFE network bigger and stronger.
With that said, let’s take a look at the Chart of MAID below and see what the technicals may be foreshadowing.
As we can observe from the chart above, MAID has been grinding steadily higher over the course of the past several weeks despite a difficult and challenging environment trading above both its 20 (yellow line) and 50 (blue line) day moving averages, which depicts a short as well as an intermediate-term favorable posture from a technical standpoint.
In addition, we can also see that MAID is rapidly approaching a critical inflection point designated via the light blue horizontal line on the chart acting as potential short-term resistance.
Furthermore, for the past several months (since February), the 200 (red line) day moving average has kept a lid on the price of MAID as we can witness from the daily chart above.
Nonetheless, MAID appears to be building energy/cause and may perhaps, finally be ready to attack and clear the 200DMA and set itself free.
Thus, let’s have a look at the levels to monitor moving forward for further clues/evidence that may set MAID free, once-and-for-all.
If at any time in the days ahead, MAID can go top-side of the .55 level, such development, should it indeed materialize, would more than likely trigger its next meaningful advance with a price objective in the .70-.75 zone. With respect to the potential short-term support, both investors/traders may want to monitor the .40-.43 area as well as the .35 figure to lend support.
While further work remains in order for MAID to set itself free, both investors/traders may want to pay close attention to the action in the days ahead and put MAID front-and-center on their radars.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
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