MATIC Propels Over $0.75, Is $1 Possible?
08 November 2023 - 2:00PM
NEWSBTC
Amid the bullish trend circling the cryptocurrency market due to
the recently concluded Uptober rally, Polygon’s native crypto MATIC
has recently gained traction recording a 50% increase in price
surge in the last 20 days. MATIC Experiences Price Growth The
recently concluded Uptober (October) which is believed to be a
month of green (gains) saw some cryptocurrencies performing
significantly great. Many altcoins experienced price surges during
the past month, and one of the notable altcoins that benefited from
this is MATIC. The crypto asset recently went past the crucial
$0.75 mark sparking momentum toward reaching the significant $1
mark. However, if the token is fortunate enough to sustain its
current pace, it might reach the $1 mark by the end of 2023.
Related Reading: Polygon’s POL Upgrade Live On Ethereum Mainnet,
MATIC To $1? MATIC reaching the coveted $1 mark is expected to
happen if the token manages to surpass $0.85 in November.
Meanwhile, a reverse below $0.75 will bring the MATIC price down to
$0.55, if buyers are unable to maintain their lead at $0.60.
MATIC’s Exponential Moving Averages (EMAs) have also
experienced a significant breakout over the recent weeks. The price
of MATIC experienced a price surpassing the crucial $0.75 barrier
after the crypto’s 200-day EMA breakout. MATIC surpassing a
200-day EMA puts it on its way to potentially reaching the $1 mark
by the end of the year. This is because, in the Polygon chart, a
golden crossover opportunity appears when the 50-day and 200-day
EMAs are crossed above. While the 50-day EMA’s upward trend
suggests that a golden crossover could take place, the bull run
cutting across the 200-day EMA may also suggest a reversal
movement. However, the crypto asset has managed to sustain its
upward trajectory since it surpassed the 200-day EMA. Significance
Of The Crypto’s Market Currently, the token’s price is sitting at
$0.77, indicating an 8% daily increase in price with a 24-hour
trading volume of $489,605,430. The token market is standing
robust, ranking 13 in the cryptocurrency market with a market cap
of $7 billion. MATIC has a significant market presence and a
circulating supply of 9.24 billion MATIC, which buttresses its
long-term technical score and puts it above 48% of all
cryptocurrencies in service. Related Reading: MATIC Price Rally
Threatened As Whales Deposit Millions Of Tokens To Exchanges One
significant aspect of the surge in MATIC’s price is that the token
experienced a 33% year-to-date (YTD) decline in September.
Consequently, the crypto recovered from this within a month. In
addition, the token’s strong bullish candles and rising volumes
hint at a continuation of an upward trajectory. As a result of
this, buyers have a good chance of maintaining their lead at the
current price of MATIC. So far, MATIC has experienced a 50%
increase in the last 20 days, putting it in a profitable position
following the 33% year-to-date decline in September. With the
current bullish continuation, the token presents more profits in
the future. Featured image from iStock, chart by Tradingview.com
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