- MATIC has risen by more than 3,6% in the past 24 hours.
- Metrics and indicators are looking bullish.
Polygon [MATIC]Following The current market trend has seen a rise in price over the past 24 hours. But its 24-hour volume of trading fell.
The token could have been preparing itself for another rally, if you consider the most recent statistics.
Polygons break above a level key
According to CoinMarketCapIn the past seven days, MATIC has seen its value increase by over 6%. The token’s value has risen by more than 3.6% in just the last 24 hour.
Polygon, at the time we went to press, was trading for $1.18 and had a market cap of $11.6 billion. The token’s volume on social media remained high over the past week.
Source: Santiment
The token’s Weighted Sentiment, however, remained low. This means that a bearish sentiment was predominant. Moreover, the trading volume of this token has declined by 21.5%.
A decline in trading volume indicates that investors were not actively trading tokens at the time of publication.
Which direction is MATIC going?
AMBCrypto examined the token’s metrics to help better understand it.
CryptoQuant has been analyzed by us. dataAt the time of publication, MATIC’s net exchange deposit was lower than the average for the past seven days.
The tokens were under a lot of pressure to sell.
A second indicator that was positive was the MVRV ratio of the token, which also rose in the last seven days. MATIC’s daily active addresses also showed a high level of network activity during this period.
Source: Santiment
MATIC actually crossed a critical resistance of $1.177 when the report was released, suggesting that it could begin a new bull rally in the near future.
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Its MACD also showed a bullish cross-over, and its Relative Strength Index registered a significant uptick.
This meant that the likelihood of a price move northward was likely to be high in the upcoming days.
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Source: ambcrypto.com
