MATIC, the native cryptocurrency of Polygon, has recently gained traction, showing a 50% increase in price surge in the last 20 days, amid the optimistic trend circling the cryptocurrency market due to the recently finished Uptober rally.
MATIC Sees An Increase in Price
In what is considered to be a month of green (gains), October ended recently, and certain cryptocurrencies had quite strong performances. Over the previous month, a lot of altcoins saw price increases; MATIC is one prominent altcoin that profited from this.
The cryptocurrency asset has crossed the critical $0.75 threshold, gaining momentum and moving closer to the important $1 threshold. But by the end of 2023, if the token is lucky enough to maintain its present rate, it could hit $1.
If the token can rise beyond $0.85 in November, MATIC should achieve the much-desired $1 milestone. If buyers are unable to hold their lead at $0.60, a reverse below $0.75 will lower the MATIC price to $0.55.
The Exponential Moving Averages (EMAs) of MATIC have also seen a noteworthy breakout in recent weeks. Following the cryptocurrency’s 200-day EMA breakout, the price of MATIC exceeded the critical $0.75 barrier.
By overcoming a 200-day EMA, MATIC has advanced and may eventually hit $1 by year’s end. This is because when the 50-day and 200-day EMAs are crossed above in the Polygon chart, a golden crossover chance arises.
The rising trend of the 50-day EMA points to the possibility of a golden crossover, but the bull run that crosses the 200-day EMA can also point to a reversal movement. The cryptocurrency asset has, nevertheless, been able to maintain its upward trajectory ever since it crossed above the 200-day EMA.
Importance Of The Cryptocurrency Market
The coin is currently trading at $0.77, representing an 8% daily price rise with $489,605,430 worth of trades over the course of a day. With a $7 billion market capitalization, the token market is strong and now ranks 13th among cryptocurrencies.
With 9.24 billion MATIC in circulation and a strong market presence, MATIC outperforms 48% of all cryptocurrencies now in use. Its long-term technical score is further supported by this fact.
MATIC’s price increase can be attributed, in part, to the token’s 33% year-to-date (YTD) decrease in September. As a result, the cryptocurrency bounced back from this within a month.
Furthermore, the token’s robust bullish candles and increasing volumes suggest that its upward trajectory will continue. Because of this, purchasers stand a high probability of holding onto their advantage at the current MATIC price.
After a 33% year-to-date fall in September, MATIC has seen a 50% increase in the last 20 days, placing it in a profitable position. The coin offers greater potential earnings in the future with its current bullish trajectory.