Polygon Price Explodes By 60% – Is MATIC Nearing $1 Target?
19 Juli 2022 - 3:07PM
NEWSBTC
The global cryptocurrency market increased by about 5 percent
during the past 24 hours to reclaim the $1 trillion
benchmark. The price of Polygon (MATIC) has increased by
over 60 percent in the past seven days, placing it among the
top performing cryptocurrencies. MATIC is currently trading at
$0.927, a 20 percent increase in the last 24 hours, data by
Coingecko show Tuesday. Many investors are pondering the cause of
this unexpected price increase. Let’s examine the technicals. MATIC
has sustained its steady solid momentum and is trading higher,
sending signals of a bullish run. After retesting the $0.30
support level, the altcoin’s price is optimistic. In reality, the
price behavior on the daily price scale displays a high-low
structure. Suggested Reading | XRP Must Breach This Key Level To
Avert The Downturn Polygon Trading Volume Upbeat A rise in trading
volume exhibits bullish characteristics in the face of a strong
momentum. During a highly turbulent market, a resistance breakout
may occur sooner. Based on data from CoinMarketCap, the token’s
24-hour trading volume has increased by more than 70 percent, with
a total of $1.6 billion worth of MATIC changing hands. Under the
influence of a support trendline, the Polygon (MATIC) has been
climbing since the previous month. During this run, the altcoin has
recently surpassed $0.745 after breaking through many resistance
levels. How far can this token maintain this pace? Meanwhile, if
the MATIC price fails to persist above $0.745 level, traders may
anticipate a modest fall to the support trendline. MATIC total
market cap at $7.46 billion on the daily chart | Source:
TradingView.com Polygon On Strong Foundation Polygon is a
solution for scaling the Ethereum network. Ethereum was the
first blockchain to include smart contracts, establishing it as the
unchallenged leader in decentralized applications. As the number of
smart contracts has increased, however, Ethereum has found ways to
make transactions quick and efficient. From this, the Polygon
network was established. Suggested Reading | CEL Token Seen
Making A Recovery Despite Celsius Going Bankrupt According to
Santiment, MATIC’s address activity is on the rise as a result
of the recent price increase. MATIC’s price recovery
has been unopposed compared to other alternative cryptocurrencies.
After increasing by 110 percent between June 18 and June 24,
Polygon encountered a hurdle of resistance at $0.62. However, after
a brief period of consolidation, this obstruction was resolved.
MATIC has gained an incredible 80 percent since the beginning of
July, making it one of the most profitable cryptocurrencies in the
ecosystem and one that is bucking the trend, given that the value
of other digital assets has fallen during this time. Featured image
from Watcher Guru, chart from TradingView.com
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