MATIC, the native token of the Polygon network, has witnessed a significant price gain over the past day, attracting a lot of attention from investors. According to data by CoinMarketCap, MATIC is up 10.44% in the last 24 hours, outperforming most of the top assets in the market, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc.
MATIC’s price overview in July
Since the start of the month, the MATIC market has seen a series of gains and losses, which have been in line with the general crypto market so far.
Related reading: BNB price at make-or-break levels as the bulls aim big at this resistance
MATIC started the month trading around USD 0.66 before witnessing a steady price increase to reach the USD 0.71 resistance zone on July 4. However, after failing to break this barrier, the ERC-20 token saw its price fall by 7% and returned to the $0.66 price tag the next day.
On July 6, MATIC attempted another bullish run, but was followed by a sharp drop in price. But since then, the token has seen a steady rise in price since then, leading up to its recent price hike.
In the early hours of today, the price of MATIC shot up 10%, broke past the $0.71 resistance level to reach a peak price of $0.74, and has remained in that zone ever since. This price increase brings MATIC’s total profit in July to 12.12% at the time of writing.
In addition, also blockchain analysis company Santiment reported the Polygon utility token had recently witnessed “some positive on-chain signals”. These include an increase in new daily addresses, declining exchange supply and low profit taking.
According to data from CoinMarketCap, MATIC is currently trading hands at USD 0.74, up 0.86% in the past hour. The token’s trading volume is up 93.17% and now sits at $543.19 million. With a market cap of $6.9 billion, MATIC is the 12th largest cryptocurrency.
Is there a bullish run for MATIC?
After MATIC’s price hike today, there is likely to be a lot of speculation about the token’s next move. Looking at the 4-hour chart, the Relative Strength Index (RSI) has dipped just below the overbought zone, indicating a bearish trend on the horizon. However, the Moving Average Convergence Divergence (MACD) is well above the signal line, so the bullish run may still be underway.
According to MATIC’s price movement, the token appears to be in a rising channel with higher highs and lows over the past month. If MATIC manages to break out of its current consolidation zone, it is expected to trade just $0.77, representing the next level of resistance.
Related Reading: MATIC Price Prediction: Polygon Bulls Target $0.80
On the other hand, if the bears take control of the market, they could push the price of MATIC as low as $0.69, marking the token’s next level of support.
In other news, the overall crypto market witnessed an uptick yesterday, with the total crypto market cap rising 1.4% over the past 24 hours.
MATIC Trading At $0.7385 On The 4-Hour Chart | Source: MATICUSD Chart On Tradingview.com
Featured image of Investig, chart from Tradingview
