Despite the market’s fluctuating mood, premier cryptocurrencies have maintained steady growth, while Midcap altcoins have recently gathered significant momentum. As we bid farewell to October, it’s worth noting that Bitcoin’s value surged by over 28%. Similarly, Polygon’s price has seen substantial appreciation, with the MATIC token adding over 24% to its value this month. The token has garnered considerable attention, triggering a price surge. But what’s fueling this MATIC price upswing? Let’s delve into it.
What’s Behind the Surge in Polygon’s Price?
The volume of Whale transactions involving MATIC tokens has spiked by over 17% in the past week. The Polygon Network has experienced a staggering 495% increase in its exchange flow, suggesting significant volume movement. This uptick in Whale accumulation implies that the MATIC price holds promising long-term prospects.
Polygon has been in the limelight following its plans to revamp the MATIC token. Polygon Labs recently announced its new sister token, “POL,” which has successfully launched on the Ethereum mainnet. The MATIC coin currently serves as the primary currency for the Polygon Network. However, the POL token is set to replace the MATIC gas token, causing the coin to initially drop by nearly 5%. The developers aim to establish the POL token as the sole cryptocurrency for all Polygon-based systems, causing the price to regain momentum.
Trading Activity of MATIC/USDT
Throughout October, the Polygon token price traded within a tight range between $0.5510 and $0.5791. Following a Death Cross, the price breached the support level. The MATIC coin then traded within a consolidated range between $0.5239 and $0.5510 for a week. As the market rallied, the price broke through its key resistance level at $0.5791 and continued its ascent. However, the MATIC price hit a wall at $0.6550.
Despite multiple attempts by the bulls, the coin failed to break out as the bears pulled the price back. Since then, the price has oscillated between $0.6095 and $0.6550. The RSI averages have hovered close to the midpoint for almost a week, indicating rising price volatility. The chart suggests a potential bullish convergence, hinting at significant buying and selling pressure in the near future.
Will MATIC Price Touch $0.700 This Week?
If the Layer-2 bulls manage to push the price above its resistance level of $0.6550, the MATIC price could regain momentum and aim for the upper resistance of $0.700. If the market remains bullish, it could rise to test its resistance level of $0.748. On the other hand, if the bears take over and the price plummets, the coin could lose momentum and drop to test its support level of $0.6095. If the bears maintain their dominance, the market could continue its downward trajectory and test its lower support level of $0.5791 in the coming week.
For those interested in tracking the ongoing fluctuations in the MATIC price, consider using the cryptoview.io application. It offers real-time data and comprehensive insights into the crypto market, helping you make informed decisions.
