Polygon Price Explodes By 60% – Is MATIC Nearing $1 Target?

2022-7-19 16:07

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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