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 currently trades at $0.927. This is a 20% increase over the previous 24 hours according to data from Coingecko. Investors are wondering what caused this sudden price rise. 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. The daily price structure shows a high-low pattern of price behavior.
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Polygon Trading Volumes Upbeat
An increase in trading volume indicates bullish characteristics when there is strong momentum. In a market that is highly volatile, resistance breakouts may be more likely to occur.
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.
Since the beginning of the month, Polygon (MATIC), has been moving up under the support trendline. After breaking many resistance levels, altcoin recently crossed $0.745 during this run. Is this the token’s best performance?
If the MATIC price falls below $0.745, traders might expect a slight fall to the support line.
MATIC market capital at $7.46 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Polygon On Strong Foundation
Polygon is a solution for scaling the Ethereum network. Ethereum was the original blockchain to support smart contracts. This established it as the undisputed leader in decentralized apps.
Ethereum is able to speed up transactions and reduce the amount of smart contracts. This is how the Polygon network was created.
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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.
Polygon faced resistance at $0.62 after its June 18-23 increase of 110 percent. After a short period of consolidation this obstacle was removed.
MATIC’s growth rate has risen by an amazing 80 percent from July 1st. This makes it the most lucrative cryptocurrency in the ecosystem. It also bucking all the trends, as other digital assets have fallen.
Featured Image from Watcher Guru. Chart by TradingView.com
