Polkadot(MATIC) Token Age Consumed Reaches New ATH

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Altcoins
Polkadot(MATIC) Token Age Consumed Reaches New ATH

According to Santiment Feed, the token age users have consumed on the Polygon network reached a new record high. The crypto analytics network noted that the number of dormant and old addresses moving large amounts of MATIC has increased. The mean dollar age of Polygon has also decreased. It confirms that some of its dormant addresses have recently moved many coins.

MATIC’s 4-Hour Chart Indicates a Bull Run  

The price of Polygon has been rising steadily over the past couple of weeks. The most dominant reason being the upcoming merger with Ethereum has triggered a bullish trend. MATIC is currently trading at $0.894842, a 2.53% drop over the last day.

The four-hour chart of MATIC shows that the price has been rising steadily in the past couple of weeks, and it is currently poised to test the rising trend line and the 50-day moving average. A break above these two levels would indicate that the bullish trend is in full swing.

The bullish outlook for MATIC is still intact as the bulls are eyeing the next resistance level at $1.50. However, a break below the support zone at $0.8500 would invalidate this view. The recent surge in the price of Polygon is mostly due to the announcement of the merge.

According to experts, most developers will stay with Ethereum due to its fast development and superior performance. Following its recent rally, it is now the 13th largest cryptocurrency in the market cap. It is ahead of Avalanche and Shiba Inu.

Polygon Making Solid Ties

Polygon has mostly been rallying over the past few weeks and there are reasons behind that move. Polygon is a revolutionary new layer-2 platform that aims to amplify the applications built on the Ethereum network. It can process transactions outside of the network. According to its creators, DeFi can process 65,000 transactions per second and has low transaction fees. Some popular DeFi tokens built on the platform include Aave, Uniswap, and SushiSwap.

Through its partnership with Disney, Polygon has been able to expand its reach and create a variety of products and services. Some of these include the Disney Accelerator Program and the launch of the Collectibles Avatar marketplace on Reddit. In addition, they have partnered with Twitter and Stripe.

Many migrated to the platform after the disastrous collapse of several Terra projects, such as OnePlanet and Derby Stars. MATIC has also registered a TVL worth almost $2 billion, which is lower than the company’s ATH of over $6 billion.

AVAX is Rallying and More Growth is Expected

On the other hand, a rallying token, AVAX, might surge by 24% or $32 within the next couple of months. A break above the descending channel resistance level could push the stock towards its next hurdle of $25.

After maintaining support at around $22.50, analysts see a bull run for AVAX. The token faced an initial rejection at around $25 due to the strong selling activity. The challenge for the stock is to break above the descending channel resistance level and surge up to the next hurdle of $25. 

After experiencing a significant decline in value in the last couple of months, the AVAX token rallied back to test the $25 resistance levels. The token’s nosedive triggered this bullish reversal from July 22 to 26. If the pattern is validated, the token’s price may increase by 25%.

The token price will need to break the descending parallel channel to reach the resistance level of $25. The 50-day simple moving average will also support the token. The social significance of the token spiked significantly during the period from July 26 to August 3. This move suggests that the market expects the token price to increase.

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.