Polygon Network’s crypto coin MATIC has surged more than 23% in the past 30 days. Here’s why Polygon Matic’s price is going up today.
MATIC, the crypto coin used for transactions on the popular Polygon blockchain network, is slowly but gradually gaining its lost ground. The cryptocurrency is up more than 1.35% today, and over 23% in the last 30 days. Investors are expecting the rally to extend further. But what is really pushing Polygon MATIC’s price upwards? We decipher here.
About Polygon MATIC
Launched in October 2017, MATIC is used on the Polygon network for transactions, staking, and last but not least governance. Unlike several other popular crypto networks, Polygon is a stack of protocols which was launched to fix the scalability issues related to Ethereum by handling transactions on a different Ethereum-compatible sidechain. It is one of the few popular projects from India, which was launched by Jayanti Kanani, Anurag Arjun, Sandeep Nailwal, and Mihailo Bjelic.
MATIC currently has a market cap of nearly $6 billion. The token has a total supply of 10 billion, and at present the current circulation stands at over 9.3 billion. Its 24-hour trading volume is $156,618,486.
MATIC Price Rebounds
MATIC, which has an all-time high of nearly $3, is nowhere close to its landmark price. But the coin is finally giving hope to investors, especially to those who have been backing the coin, through thick and thin.
In the last 24 hours to 7 am, 30 October, MATIC Price has increased nearly 4% to $0.64 from $0.6156 on 7 am, 29 October. On the other hand, its trading volume is up almost 60% to around $206 million in the past 24 hours.
But that’s not just the first time the coin has performed well this month. MATIC has increased by more than 23% in the last 30 days, and was trading in the green zone fare more than often.
In the last 24 hours to 7 am, 30 October, MATIC has increased nearly 4% to $0.64 from $0.6156 on 7 am, 29 October. On the other hand, its trading volume is up almost 60% to around $206 million in the past 24 hours.
But that’s not just the first time the coin has performed well this month. MATIC has increased by more than 23% in the last 30 days, and was trading in the green zone fare more than often.
The coin is clearly making strong base levels, and the sudden rise in MATIC’s price is increasing the bullishness of investors on the token. But will the bullishness continue? Let’s explore here:
Factors Behind MATIC’s Growth
Breaking the Shackles
MATIC was stuck at $0.50 for a long period of time. It was unable to cross the mark and as a result, wasn’t seeing much activity. But now that it’s past the threshold, it is constantly moving in the upward direction. It is now setting new resistance and support levels, leaving behind the troubles of the past.
Improved Technical
Polygon’s price climbed steadily from above $0.50. It has overcome several hurdles at $0.550 before breaching the $0.60 resistance to reach $0.6646 early this morning. Despite a minor dip below $0.640, it remains in a positive zone and appears to be moving in the forward direction.
Market Trust
Polygon MATIC is one of the top 15 crypto projects globally. The cryptocurrency has comfortable market confidence, with investors having clear visibility of what is happening in the token. Its founders also are reputable and have been associated with several blockchain-related projects.
Is Crypto’s Bull Moment Finally Here?
It’s not MATIC, but several popular cryptocurrencies are witnessing sharp growth to due reasons like increasing inflation, the devaluation of the US dollar, and rising geopolitical tensions.
While most cryptocurrencies may not return to 2021 levels soon, they are slowly and gradually making a recovery. In the long run, this phase could prove to be substantial for the overall crypto industry.
Resistance for MATIC
The closest resistance zone for MATIC is $0.65. If it goes past this, the next resistance zone could likely be in the range of $0.70 and $0.75.
Support for MATIC
Currently, the immediate downside support rests around the $0.6100 level. However, if it falls further, the next support zones are present at $0.60 and $0.58.
Polygon Price Prediction : Will MATIC Cross The $1 Mark?
In all likelihood, MATIC can cross the $1 level again. But this could take more time than we think. For instance, even if maintains the same level of growth as it maintained in the past 30 months, it could take another six months for the coin to reach the $1 mark. But never say never!