MATIC Advanced By 6% In Just 24 Hours, Will It Skyrocket Soon?

• MATIC Crypto has witnessed a huge surge in volume in the last 24 hours.
• The Polygon Crypto is currently trading at a price of $0.5394 and has advanced by 4.27% in last 24 hours.

Polygon crypto is a scaling category crypto and is also a layer-2 scaling solution for Ethereum. MATIC token is Polygon’s native cryptocurrency which is generally used to pay fees on its network. It also is the Polygon’s governance token. MATIC was launched in the year 2020 and follows the OIS consensus mechanism.

The MATIC crypto has a total supply of 10.0B MATIC and the current circulating supply is 93.00% of the max supply. This results in 9.29B MATIC and follows a fully diluted market cap of $5.407B.

Also, the trading volume for MATIC crypto has surged by 43% in just 24 hours and the market cap of the crypto has also advanced by 6.04% resulting in $5.028B. This leads the crypto to the 13th position based upon the market cap as per Coinmarketcap.

Matic Showing Signs Of Bullishness, Can It Be Next Multibagger?

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The crypto price has been consistently declining making lower low swings following a downtrend on the charts. In the recent price action, the MATIC crypto is trading inside a small range. The crypto is making bullish candlesticks and has advanced by more than 4% in just the last 24 hours. This behavior in the price of the crypto can lead it to breakout levels.

The 50-day and the 200-day EMA have been trading in a death cross for a long time in the charts of the MATIC crypto. This indicates the followed-up weakness in the crypto for a long time.

The RSI for the crypto on the daily timeframe is advancing from the lower levels. It has recently broken above the 50 level and has also crossed the 14-day SMA line.

Polygon Liquidation Analysis

The Polygon crypto has witnessed a huge advance of 90.78% in its volume in the last 24 hours and the open interest has also advanced by 8.85%. This results in a derivatives volume of $330.06M. The crypto also faced a huge short liquidation of $605.00K which indicates that the buyers are entering the crypto market.

Conclusion

The MATIC crypto’s price has advanced in the last 24 hours following an advance in the price of the crypto. This indicates the presence of buyers in the crypto market. It also has faced huge short liquidation in the derivatives. Based upon the technical charts the technical indicators are bearish while the price behavior of the crypto looks strong.

Therefore, if the price of the MATIC crypto breaks above the consolidation zone leading past the level of $0.600 then we can see further higher levels in the crypto.

Technical Levels 

• Support levels- $0.3400 and $0.4900
• Resistance levels- $0.8500 and $1.0100

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.