MATIC’s favorable price movement appears to have emerged as the coin took a giant leap to project itself as the most competitive blockchain to challenge Ethereum’s dominance. Polygon has now advanced to a greater degree of anticipation after successfully implementing the Angle protocols borrowing module.
MATIC currently has a $7.4 billion market value and ranks 12th among crypto leaders. With only 80% of its token in circulation, MATIC has acquired $2.4 billion in market capitalization in the last five days, accounting for a 50% increase in a week.
Polygon now has slightly under 5% of the circulating market capitalization of Polkadot, the 11th-ranked cryptocurrency. These aspects should be considered positively by fans who have already taken advantage of the low prices and those who are still considering holding MATIC in their portfolio.
MATIC Price Analysis
Polygon’s price action has exceeded crypto analysts’ expectations, rising 200 percent in just 30 days. While the environment has shifted from negative to consolidation in recent days, the 28 percent increase seen on July 18 has secured a victory celebration for MATIC devotees.
When compared to prior versions’ bullish RSI indicators and rising transactional volumes, MATIC shows no signs of profit booking or pausing. On June 22, the MATIC token had a bullish crossover on MACD indicators, and it has yet to lose any strength. Instead, there appears to be a rising gap between the two curves, signaling a short-term purchasing rally. The RSI has been so high in the last week that it has even reached overbought territory without any reaction from MATIC holders.
Traders are known to sell tokens frequently as the RSI enters overbought zones. The increase in green transactional volumes, indicating good end-of-day trading, is substantially greater than the increase in red transactional volumes. It demonstrates lower profit booking and increased buyer desire.
MATIC’s next objective would be the 200-day moving average at $1.25, which is only 30% away from its most recent traded value of $0.9346. MATIC would need to rise 175 percent to reach its highest values in January 2022, and even more to set a new all-time high. Will Polygon rise? Read MATIC coin price prediction to learn more about Polygon’s future (MATIC).
Since the price movement on July 18, 2022, was above 25% in a single day, there will undoubtedly be some profit booking, but the price action should remain favorable.
MATIC must decline by more than 15% from its current price of $0.9331 to signal a drop in buying sentiment. Holders should take profits around the potentially turbulent market action near the 200 DMA curve, as MATIC might rally significantly from current levels. A few days of double-digit gains would fully wipe out the percent loss seen at current levels.