Polygon Steals the Show With Potential Surge to $1.5

Polygon Steals the Show With Potential Surge to $1.5
  • Polygon (MATIC) is leading the charge among the top 20 cryptocurrencies.
  • MATIC has seen a 24-hour increase of 17.4% and a weekly surge of 57.8%.
  • At the moment, MATIC is witnessing a correction at $0.90.

Among the top 20 cryptocurrencies today, Polygon (MATIC) is currently the best cryptocurrency in terms of market performance. It has even outshined Bitcoin (BTC) and even Ethereum (ETH) which had a very bullish update recently. 

At the time of writing, MATIC is changing hands at $0.90, according to CoinGecko. This is a staggering increase of 17.4% and 57.8% in the last 24 hours and 7 days, respectively.

MATIC/USDT 4-hour chart: source: TradingView

As observed on the chart above, MATIC witnessed a jaw-dropping surge from July 17 to 18. From a price of $0.72, MATIC has climbed up to almost $0.98 before retracing to the current price of $0.90.

However, the quick rally began its build-up in the first week of July. From a recovery back to the $0.42 support zone after having fallen to the trenches of $0.31, MATIC is arguably smooth sailing now. In fact, it was beginning to develop the ascending triangle pattern when the bulls decided they wouldn’t need to wait for the tip to form before they start stacking.

The price surge is also supported by an impressive trading volume, particularly in the last 24 hours, which shows that MATIC has the attention of traders. 

Should MATIC flip the $1 resistance into support, it has a strong possibility to hit $1.2 and $1.5 soon after. However, if the bulls cannot recover after hitting a price correction, then it may take some more time before MATIC reaches the $1 territory again.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.