MATIC’s favorable price movement appears to have emerged as the currency took a giant leap to present itself as the most competitive blockchain to challenge Ethereum’s supremacy. Polygon has also advanced to greater anticipation after successfully implementing the Angle protocols borrowing module.
Polygon is now the second blockchain after Ethereum to successfully develop and support this protocol. Price movement will also continue increasing as blockchain users evaluate MATIC as an alternative to Ethereum’s exorbitant gas prices. If they delay Ethereum’s proof of stake transfer, things might go optimistic, potentially surpassing Polygon’s prior highs.
MATIC currently has a $7.4 billion market value and also ranks 12th among crypto leaders. With only 80% of its token in circulation, MATIC has a market cap of $2.4 billion. It accounts for a 50% increase in a week. Polygon currently has slightly under 5% of the circulating market value of Polkadot, the 11th-ranked cryptocurrency. These aspects should be favorable to fans who have already taken advantage of the low prices. It also those still considering holding MATIC in their portfolio.
MATIC Price Analysis
Polygon’s price movement has exceeded crypto analysts’ expectations, rising 200 percent in 30 days. The situation has shifted from negative to consolidation recently. The 28 percent increase seen on July 18 has secured a victory celebration by MATIC fans.
MATIC shows no signs of profit booking or pause. On June 22, the MATIC token had a bullish crossover on MACD indicators. There appears to be a rising gap between the two curves, signaling a short-term purchasing surge. The RSI has been so high in the last week that it has reached overbought territory without any reaction from MATIC holders.
Traders are known to sell tokens often as the RSI enters overbought zones. The increase in green transactional volumes, indicating suitable end-of-day trading, is substantially more significant than the increase in red transactional volumes. It demonstrates lower profit booking and increased buyer desire.
MATIC’s next objective would be the 200-day moving average at $1.25, which is only 30% away from its most recent traded value of $0.9346. MATIC would need to rise 175 percent to reach its highest levels in January 2022 and much more to set a new all-time high.
Since the price movement on July 18, 2022, was above 25% in a single day, there will undoubtedly be some profit booking, but the price action should remain favorable.
MATIC must decline by more than 15% from its current price of $0.9331 to signal a drop in purchasing sentiment. Holders should make gains around the potentially turbulent market action near the 200 DMA curve, as MATIC might rally significantly from current levels. A few days of double-digit increases would eliminate the percent loss seen at present levels.