Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum

2022-10-5 15:51

Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22.

MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week Buyers are back and so is the buying pressure, propelling the asset to go higher Polygon now has two versions of SynFutures mainnet

At press time, data from CoinGecko shows the crypto is trading at $0.837 and has been up by 13.1% for the last seven days.

Among the top 20 cryptocurrencies based on market capitalization that includes Bitcoin, Ethereum, XRP and Cardano, MATIC is the only one to register double-digit price increase for the past week.

Source: Coingecko

Analysts believe that this bullish rally now indicates that buyers are back, exerting tremendous buying pressure causing the asset to climb higher for the past days.

Polygon Uptick Has Other Reasons, Too

The month of October this year is starting to shape up as a friendly one for cryptocurrencies, paving the way for bounce-backs of different levels.

Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354.

Both assets are performing better compared to how they did last month.

While the recovery of the pack leaders may contribute for Polygon’s rally, there seems to be other reasons that fuel this run.

A quick glance at MATIC’s market value to realized value (MVRV), which currently stands at 1.924%. 

This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October.

An asset’s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability.

MATIC Joins Elite Company As Polygon Gets Busy

A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses.

It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether.

This could mean investors are finally paying more attention to the carbon-neutral project, potentially triggering the recent uptick, which at one point reached 6.5% in a span of 24-hours.

Polygon is also not lacking in network activity as it becomes busy amid its token’s resurgence.

The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so.

This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol.

MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, Chart: TradingView.com

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Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
Капитализация $0 Rank 99999
Цена в час новости $ 0.8466 (-100%)

polygon matic asset propelling buying pressure buyers

Источник: newsbtc.com

polygon matic → Результатов: 126


Polygon (MATIC) Nears Resistance Level; Whales Eye Avalanche (AVAX) and InQubeta (QUBE), an Emerging AI Altcoin

The crypto scene isn’t short of excitement, from GoDaddy’s recent integration with ENS to Wormhole’s snapshot of its upcoming massive airdrop to Bitcoin hitting $50,000. With the overall market on the rise, altcoins have been gaining traction, with Polygon (MATIC) about to break the $1 resistance level.

2024-2-23 23:00


Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales

Polygon holders were left scratching their heads today as Polygon’s native token MATIC faced selling pressure seemingly out of the blue. The selloff might came on the heels of a report from on-chain analytics platform Spot On Chain, which revealed that wallet address 0xa31 – linked to layer-2 scaling protocol Hermez Network which was acquired […] The post Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales appeared first on CaptainAltcoin.

2024-2-17 11:34


Polygon Bulls Form Strong Support, Buys Record $5.8B MATIC at This Price; Cardano (ADA) Poised to Move +20% to Next Resistance

Crypto Analyst @ali_charts posted that most Polygon (MATIC) tokens were purchased between $0. 80 and $0. 86, with 42,000 addresses holding close to 5. 8 billion MATIC in this key demand zone. He notes that given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level around $0.

2023-12-9 10:48


From Polygon NFT Wins To MATIC Gains: Understanding The Connection

Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.

2023-7-22 16:15


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