Amidst the bullish trend in the cryptocurrency market due to the recently concluded Uptuber rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price increase in the last 20 days.Thank you for reading this post, don't forget to subscribe!
MATIC experienced a price surge
In the recently concluded October, which is considered to be the month of green (profit), some cryptocurrencies performed quite well. Many altcoins have seen their prices rise over the past month, and one of the notable altcoins to benefit from this is MATIC.
The crypto asset recently crossed the important $0.75 mark, accelerating towards reaching the crucial $1 mark. However, if the token is lucky enough to maintain its current momentum, it could reach the $1 mark by the end of 2023.
If the token manages to surpass $0.85 in November, MATIC is expected to reach the coveted $1 mark. Meanwhile, if buyers are unable to maintain their gains at $0.60, a reverse below $0.75 will bring MATIC price down to $0.55.
MATIC’s exponential moving average (EMA) has also experienced a significant breakout in recent weeks. MATIC price crossed the crucial $0.75 barrier after the crypto’s 200-day EMA breakout.
With MATIC crossing its 200-day EMA, it is on track to potentially reach the $1 mark by the end of the year. This is because, in polygon charts, a golden crossover opportunity appears when the 50-day and 200-day EMAs cross above.
While an upward trend of the 50-day EMA suggests that a golden crossover may be underway, a bullish move above the 200-day EMA could also signal a reversal. However, the crypto asset has managed to maintain its upward trajectory since crossing the 200-day EMA.
Importance of crypto market
Currently, the token is priced at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is in a strong position, ranking 13th in the cryptocurrency market with a market capitalization of $7 billion.
MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which strengthens its long-term technical score and puts it above 48% of all cryptocurrencies in service.
Related Reading: Whales Depositing Millions of Tokens into Exchanges Threatens MATIC Price Rally
An important aspect of MATIC’s price rise is that the token experienced a 33% year-to-date (YTD) decline in September. As a result, the crypto recovered from this within a month.
Furthermore, the coin’s strong bullish candles and rising volumes indicate an upward move. As a result, buyers have a good chance to maintain their gains at the current price of MATIC.
So far, MATIC has experienced a 50% increase over the past 20 days, putting it in a profitable position after a 33% year-to-date decline in September. As the current bullishness continues, the token presents greater gains in the future.
Featured image from iStock, charts by tradingview.com