Price Analysis

Polygon (MATIC) Price Calms a Little After a Magnificient Jump of 30%, Have Bulls Wrapped it Up?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 19, 2022

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Article Highlights
  • MATIC price after a huge jump appears to have pipped down a bit as the bulls may have got exhausted to some extent

  • Despite the current narrow trend, the asset still is poised to hit and secure levels above $1 at the earliest

MATIC’s surprising price action from the past couple of days has raised many eyebrows in the crypto space. The recently market collapse had dragged the asset to its bottoms below $0.4, but the Polygon price rebounded firmly since the beginning of July. However, huge buying volume has been accumulated & hence the price is expected to keep up a huge bullish momentum, nullifying the bearish impact. 

The May crash had dragged the MATIC price below the 200-day MA levels and since then despite multiple attempts, the asset failed to surpass these levels. Moreover, the asset tanked down heavily dropping more than 60% to test the bottom at $0.32. The price flipped firmly and surged by nearly 200% in the past 30 days, yet appears to be still short of another 25% to reach the crucial resistance.

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The price in the long-term appears to have trading within an ascending parallel channel and recently faced rejection after testing the resistance. If in case, the price continues to drop, it may retest the middle bands and rebound strongly. The rebound could assist the price to slice through the channel and test $1 by the end of July or in the first few days of August. 

On the other hand, the daily active address has been on the rise ever since the asset marked a firm flip. The active addresses surged from 4.1K to as high as 6.76K as the price surged beyond $0.8 during the last trading day. Along with the active address, new addresses also witnessed a jump. 

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Moreover, the total volume of MATIC also rose by more than 100 million during the previous day which rose from 30.54 million MATIC on 17 July to 131.43 million MATIC the next day. The asset has received a huge influx of nearly $100 million in the past couple of days and due to this the Polygon(MATIC) price may remain elevated for the rest of the week. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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