Polygon Price Explodes By 60%

The global cryptocurrency market has risen about 5 percent in the past 24 hours to recover the $1 trillion benchmark. Polygon (MATIC) price has risen more than 60 percent in the past seven days, making it among the top performing cryptocurrencies.

MATIC is currently trading at $0.927, A 20 percent increase in the past 24 hours, Coingecko data showed on Tuesday. Many investors are thinking about the reason for this unexpected price increase. Let’s examine the techniques.

MATIC has maintained its steady strong momentum and is trading higher, sending signals of an upward trend. After retesting the $0.30 support level, the altcoin price is bullish. In fact, the price behavior on the daily price scale shows a high-low structure.

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Optimism about polygon trading volume

The high volume is showing bullish characteristics in the face of strong momentum. During 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 percent, with a total of $1.6 billion in MATIC trading.

Under the influence of the support trend line, the polygon (MATIC) has risen since the previous month. During this rally, the altcoin recently surpassed $0.745 after breaching several resistance levels. How far can this token keep this pace?

Meanwhile, if MATIC price fails to stabilize above $0.745, traders may expect a slight drop to the support trend line.

MATIC total market cap at $7.46 billion on the daily chart | Source: TradingView.com

Polygon based on strong

Polygon is a solution to scale the Ethereum network. Ethereum was the first blockchain to include smart contracts, making it the undisputed leader in decentralized applications.

With the increase in the number of smart contracts, Ethereum has found ways to make transactions fast and efficient. From this, the Polygon network was created.

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According to Santiment, MATIC address activity is on the rise as a result of the recent price hike. MATIC price recovery was not in opposition compared to other alt cryptocurrencies.

After increasing by 110 percent between June 18 and June 24, Polygon faced a resistance hurdle at $0.62. However, soon after the consolidation, this handicap 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 that bucks 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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