Polygon(MATIC) Price Mounts up, Way to $2 Is Imminent!

MATIC Price Going Insane!

Matic Price that spiked smashing new ATH is showcasing a very strong reaction to the Coinbase listing. The initial boost rallied the price above $0.1 and the second round of push may escort the price above $1 very soon.

The trading volume spiked nearly 280% like a giant recording $2,466,951,048 from $692 million since the early trading hours. According to an on-chain analytic platform viewbase.com, as much as 800 million MATIC token have been moved out of the exchanges. The balance in these exchanges is now less than 440 million tokens.

Currently, the Polygon Network is experiencing immense buying pressure and very negligible selling, which points out directly towards an upcoming bull run. The bull run may smash new highs around $2, as predicted by an analyst, Dilemma. 

Polygon Price Analysis

The price remained silent until the beginning of the previous month, trending below 10 cents. However, an initial push rallied the price above $0.1 and since then the Matic price seems to be unstoppable.

Nevertheless, the price chart had an almost equal number of red and green candles for the whole month until the second consecutive boost arrived. The price spike remarkably more than 1505 in less than a weeks time to hit the ATH at $0.5089.

At the time of writing, the price experienced a slight pullback from its highs and stand at $0.4509, rallying 56.38% in the past 24 hours. The RSI indicators are also pretty bullish trending within the overbought range. Despite a dip to the levels around 63 from 92, the indicators are yet again trending around 90 at the press time.

Technical Specifications

• The resistance levels stand at the current ATH, once smashed can go higher and attain $1 very soon
• The support levels stand initially at $0.2876, but they do not seem to be very strong. If failed to withstand at these levels, the much lower support levels are formed around $0.2
• The technical indicators for Matic Price point out towards a ‘buy signal.