Strong Price Surge in MATIC Crypto, Will It Lead To New Highs?

• The liquidation for the crypto is closely similar in both directions.
• The volume of the Polygon is consistently advancing over time.

Polygon is a Layer-2 scaling solution for Ethereum that enables faster and cheaper transactions. MATIC is Polygon’s native token, used for fees, staking, and governance. Polygon was created by Ethereum developers and hosts many popular DeFi applications.

In the last 30 days, MATIC crypto has given a return of 39% to its traders and is currently trading at a level of $1.05. Moreover, the current ranking of the Polygon crypto as per Coingecko is 13th. 

The trading volume of the Polygon has witnessed an advance of 174% in just the last 24 hours followed by a huge surge of 22% in its market cap. The current market cap of the crypto is $10.12B. 

Moreover, the traded volume ranking in the last 24 hours of the MATIC crypto is 7th resulting in a traded volume worth of $2.2 billion. The volume/market cap ratio of MATIC is 21.71%.

Polygon Blockchain Data Overview

The record fees of the MATIC crypto in the last 24 hours is $132,057 and the revenue for the Polygon in the last 24 hours is $61.34K. Moreover, the inflows of $5.77M are recorded as per DefiLlama.

The total supply of the MATIC is 10.0B MATIC and the fully diluted market cap of the crypto is $10.795B. Moreover, the circulating supply of the crypto is 9.55B MATIC.

MATIC Technical Analysis

The MATIC crypto price has given a strong breakout above the descending triangle pattern. The price of the crypto has advanced by 55% since the breakout and it still leading to higher levels following a strong buy momentum.

The MATIC trading price also has broken above the last swing high and is slowly advancing to higher levels and has made a strong bullish candle. 

MATIC/USD Chart by TradingView

The indicators are giving a buy signal on the charts of the MATIC crypto and the 50-day and the 200-day EMAs are trading in a golden cross. The Bollinger band is also giving a buy signal on the charts and the band of the MATIC is also advancing on the daily timeframe.

The RSI is also trading above the overbought zones giving a buy signal on the daily charts. The 14-day SMA is also sustaining above the 50-level, which indicates strength in the crypto price.

Conclusion 

The MATIC crypto price is soaring to new highs as it breaks out of a descending triangle pattern. The crypto has an impressive market cap, volume, and demand, reflecting its potential and popularity. Polygon is a leading Layer-2 solution for Ethereum that offers various DeFi services. MATIC is a great investment option for the future.

Technical Levels

Support Levels: $0.3230 and $0.8050

Resistance levels:$1.50 and $2.450

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.