- The MATIC crypto has advanced by more than 20% in just the last seven days.
- The Polygon crypto price is still trading 19000%+ above its all-time low.
Polygon previously known as Matic Network is one of the most well-structured and easy-to-use platforms for scaling Ethereum and infrastructure development. By using polygon optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra chains can be created.
The volume of the MATIC crypto has declined by 42.56% in just the last 24 hours resulting in $383.848M. The volume ranking of the crypto as per Coinmarketcap is 16th and the volume/market cap ratio of the MATIC crypto is 6.42%.
The circulating supply of the the crypto is 9.309B MATIC which is 93.10% of the max supply. Also, the fully diluted market cap of the MATIC crypto is $6.347B. The volume/market cap ratio of the MATIC crypto is 0.815 and the market cap dominance is 0.446%.
MATIC Crypto Breaks Above Triangle Pattern, What Can Be Coming Next?
The share price was consistently declining to lower levels which lead to the formation of the triangle pattern. Later the MATIC crypto price broke out above the triangle pattern and is still making bullish price action. This price behavior of the crypto can lead the market to higher levels.
Also the crypto has broken out above the 50-day EMA and is consistently advancing to higher levels. The MATIC is still following a death cross on the charts but due to bullish behavior in the price the stock may continue to advance and break above the 200-day EMA.
The RSI for the MATIC crypto has been consistently advancing to higher levels and is currently trading at a level of 71.29. This represents the dominance of buyers in the current momentum of MATIC crypto.
Conclusion
The crypto is following a bullish trend and despite of decline in volume the crypto is still advancing to higher levels. The indicators on the charts are also showing signs of bullishness. This behavior of the crypto price can lead the price to higher levels in the upcoming days.
Technical Levels
- Support levels- $0.28400 and $0.50300
- Resistance levels- $0.86700 and $1.53900
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Leave a Reply