Polygon Price Explodes By 60% – Is MATIC Nearing $1 Target?

Christian Encila

Last Updated: July 19, 2022 1:08 pm

2 mins read

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The global cryptocurrency market increased by about 5 percent during the past 24 hours to reclaim the $1 trillion benchmark. The price of Polygon (MATIC) has increased by over 60 percent in the past seven days, placing it among the top performing cryptocurrencies.

MATIC is currently trading at $0.927, a 20 percent increase in the last 24 hours, data by Coingecko show Tuesday. Many investors are pondering the cause of this unexpected price increase. Let’s examine the technicals.

MATIC has sustained its steady solid momentum and is trading higher, sending signals of a bullish run. After retesting the $0.30 support level, the altcoin’s price is optimistic. In reality, the price behavior on the daily price scale displays a high-low structure.

Suggested Reading | XRP Must Breach This Key Level To Avert The Downturn

Polygon Trading Volume Upbeat

A rise in trading volume exhibits bullish characteristics in the face of a strong momentum. During a highly turbulent market, a resistance breakout may occur sooner.

Based on data from CoinMarketCap, the token’s 24-hour trading volume has increased by more than 70 percent, with a total of $1.6 billion worth of MATIC changing hands.

Under the influence of a support trendline, the Polygon (MATIC) has been climbing since the previous month. During this run, the altcoin has recently surpassed $0.745 after breaking through many resistance levels. How far can this token maintain this pace?

Meanwhile, if the MATIC price fails to persist above $0.745 level, traders may anticipate a modest fall to the support trendline.

MATIC total market cap at $7.46 billion on the daily chart | Source: TradingView.com

Polygon On Strong Foundation

Polygon is a solution for scaling the Ethereum network. Ethereum was the first blockchain to include smart contracts, establishing it as the unchallenged leader in decentralized applications.

As the number of smart contracts has increased, however, Ethereum has found ways to make transactions quick and efficient. From this, the Polygon network was established.

According to Santiment, MATIC’s address activity is on the rise as a result of the recent price increase. MATIC’s price recovery has been unopposed compared to other alternative cryptocurrencies.

After increasing by 110 percent between June 18 and June 24, Polygon encountered a hurdle of resistance at $0.62. However, after a brief period of consolidation, this obstruction was resolved.

MATIC has gained an incredible 80 percent since the beginning of July, making it one of the most profitable cryptocurrencies in the ecosystem and one that is bucking the trend, given that the value of other digital assets has fallen during this time.

Featured image from Watcher Guru, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.