Highlights:
- MATIC has traded in a range between $0.72 and $1.03 since the middle of July.
- The bullish order block at $0.93 was broken by the buying pressure of the bulls.
- The price of MATIC has risen to $0.9522, an increase of 5.54 percent from its previous close.
Polygon (MATIC) shares have traded between $0.72 and $1.03 since mid-July, with a median price of $0.88. Thereafter, a wave of ragne lows met with a positive response, establishing $1.05 as the new goal for the cryptocurrency.
USA 1D MATIC Network Tether To wit: (Data from CoinMarketCap)
Since MATIC’s price surged to the bearish order block at $0.93, it’s possible that this objective is within reach. Because of their strength, the bulls were able to break through this resistance, demonstrating their bullish intent.
MVRV 30d MATIC Ratio (Source: Santiment)
According to Santiment’s records, MATIC’s 30-day MVRV has been stuck below 14% since August. However, the MVRV has risen as high as 13.5 percent in recent days before retreating.
As the MVRV rises, more people may be enticed to sell MATIC in the hopes of making a profit. This could dampen or even halt the altcoin’s recent rally.
There is no trend reversal signalled by this metric, but it may suggest that tokens are not being transferred in large volumes to exchanges. Possibly, it portends an impending tidal wave of sales.
At the time of writing, the 24-hour price of MATIC on CoinMarketCap was $0.9522, representing an increase of 5.54%. MATIC has gained more than 15% in the past week and is currently up over 1% for the day.
On the other hand, MATIC’s 24-hour trading volume has dropped by more than 21%, to $383,437,527.
All information in this price analysis, including any and all opinions expressed, is published in good faith and without intent to deceive. All readers are responsible for their own independent investigation. All reader actions are undertaken at their own risk. Neither Coin Edition nor any of its subsidiaries will be responsible for any costs incurred, whether they be financial or otherwise.
After pushing through critical resistance, MATIC is setting its sights on $1. The original article can be found on Coin Edition.
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