Polygon Rallies 22%, Faring Better Than BTC & ETH

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Altcoins
Polygon Rallies 22%, Faring Better Than BTC & ETH

The performance of MATIC, the native token of Polygon, has been positive in July. It has gained 27% since the beginning of the month despite bearish times in the crypto market.

MATIC Up By 20% Over Previous 24 Hrs

According to Santiment, be careful of the $MATIC’s tendency to move higher in the past 30 days, which is currently at its highest since October. The price of MATIC has risen by over 22% in the past 24 hours, eclipsing BTC and ETH, which rose only 5% and 8%, respectively.

The price of Polygon shot up by over 20% in the last 24 hours. In line with Santiment, the global digital asset market also experienced a lightweight boost following the release of the CPI knowledge. The market cap of digital assets increased by around 3% to $892 billion.

MATIC has been one of the most actively traded stocks over the past 30 days. It has gained by over 43%. According to the data, the increase in the number of merchants on the Polygon over the past 30 days has been very high, suggesting a potential correction in the offing. However, it noted that the current stage is the best since October, and a cooling-off may be required.

Whales are Swarming the Polygon Market

According to WhaleStats, MATIC was the most traded token among the large groups of Whales. However, it was not the most traded coin. Instead, it was the 10th most bought token by the highest 500 ETH wallets.

An Ethereum whale known as BlueWhale0097 purchased a round of $5.52 million worth of MATIC tokens.

MATIC Looks Bullish

The rise from the support area at $0.61 to the resistance at $0.67 is now testing the confluence of the two support levels, which is a potential bullish target.

If MATIC closes above the confluence of the two major moving averages, it could push the token toward the 0.618 Fib line and its 200-3D and 50-3D exponential moving averages (EMAs) at around $1.11. This would represent a significant jump from its June 14 price level.

A break below the confluence of the two major trends could cause MATIC to fall back toward the $0.29 to $0.35 area, which was low in June. It could also be triggered by higher inflation. The decline in the cryptocurrency markets could additionally be linked to the rising consumer price index in the US.

The consumer price index for the US rose to 9.1% in July, the highest level in over four decades. According to Raphael Bostic, the president of the Atlanta Fed, the central bank is likely to raise interest rates by a full percentage point in July.  

Polygon Price Prediction for 2022

The price action of MATIC has been in a bullish trend since June 2021. It currently trades above the $0.80 support area, indicating a potential short-term bullish trend reversal.

The rising momentum indicators suggest that the market may rise higher. The Relative Strength Index is currently at its highest since March, while the Moving Average Convergence Divergence (MACD) is above its signal line.

If a rally takes place, the 200-day simple moving average is the next resistance level that investors should consider. However, if the price goes above this level, then gains of over 100% could be possible in a short period.

According to estimates by the financial website Wallet Investor, the outlook for MATIC is positive. The algorithm’s target price of $0.73 is currently at 16% upside potential. On the other hand, Gov.Capital believes that the price of Bitcoin could reach $0.75 within the next couple of months. This suggests that the short-term potential of the cryptocurrency is still strong.

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.