The global cryptocurrency market has risen around 5% in the past 24 hours to reclaim the $1 trillion benchmark. The price of Polygon (MATIC) has increased by more than 60% in the last seven days, placing it among the best performing cryptocurrencies.
MATIC is currently trading at $0.927, a 20% increase in the past 24 hours, according to Coingecko data on Tuesday. Many investors wonder about the cause of this unexpected price increase. Let’s look at the techniques.
MATIC has maintained its strong and steady momentum and is trading higher, sending signals of a bull run. After retesting the $0.30 support level, the altcoin price is bullish. In reality, price behavior on the daily price scale shows an up-down pattern.
Suggested Reading | XRP must cross this key level to avoid the slowdown
Bullish Polygon Trading Volume
An increase in trading volume exhibits bullish characteristics in the face of strong momentum. In a very turbulent market, a breakout of resistance may occur sooner.
Based on data from CoinMarketCap, the token’s 24-hour trading volume increased by more than 70%, 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 recently surged above $0.745 after breaking through numerous resistance levels. How far can this token maintain this pace?
Meanwhile, if the MATIC price does not persist above the $0.745 level, traders can look forward to a modest decline from the support trendline.
MATIC total market cap at $7.46 billion on the daily chart | Source: TradingView.com
Polygon on a solid base
Polygon is a solution for scaling the Ethereum network. Ethereum was the first blockchain to include smart contracts, establishing it as the undisputed leader in decentralized applications.
However, as the number of smart contracts grew, Ethereum found ways to make transactions fast and efficient. From there, the Polygon network was created.
Suggested Reading | CEL Token Recovers Despite Celsius Bankruptcy
According to Santiment, MATIC’s address business is on the rise following the recent price hike. MATIC’s price rally was unopposed compared to other alternative cryptocurrencies.
After rising 110% between June 18 and June 24, Polygon encountered a resistance hurdle at $0.62. However, after a brief period of consolidation, this obstruction was resolved.
MATIC has gained an incredible 80% since the start of July, making it one of the most profitable cryptocurrencies in the ecosystem and going against the trend, given that the value of other digital assets fell during this period.
Featured image from Watcher Guru, chart from TradingView.com