As a seasoned researcher with years of experience navigating the intricate landscapes of the cryptocurrency market, I find myself both enthralled and cautiously optimistic regarding the current MATIC price surge. The confluence of factors such as the rebranding to POL, the bullish sentiment surrounding Bitcoin, and the futures traders’ aggressive Long positions create an electrifying cocktail that could potentially propel MATIC to new heights.
As a researcher, I’ve observed an upward trend in the price of MATIC, mirroring the bullish sentiments in the broader market, particularly with Bitcoin. The anticipation within the Polygon community is palpable as we edge closer to the rebrand from MATIC to POL, positioning it as the native gas and staking token for our network. In the last 24 hours, MATIC’s price has risen by 7.2%, reaching $0.4434, and gained 2.6% against Bitcoin. With a potential 46% breakout on the horizon, the signs are promising that this significant leap might indeed occur.
Futures Traders are Pumping MATIC Price
Traders appear to be capitalizing on Bitcoin’s price surge and the excitement surrounding the token swap to boost the value of MATIC. Analysis from Coinglass indicates that traders have been increasingly optimistic about MATIC, as an increase in open interest (OI) and the price suggests they are buying more Long positions.
Over the past day, the total MATIC volume delta (CVD) rose by approximately 1.73%. Coupled with the 5.67% surge in Open Interest (OI), this suggests a significant increase in Long positions. Such a trend usually points towards a bullish outlook.
Nevertheless, an examination of daily activity data from Santiment reveals that the number of active addresses and transactions on the Polygon network have fallen to their lowest point this year, indicating decreased investor interest.
The examination of MATIC‘s technical aspects suggests a strong possibility that this asset may soon break free from its ongoing overall downward trend, just prior to September 4.
$0.46 is Crucial for MATIC Breakout
The price of MATIC is at a crucial point, as it’s hovering close to the top of a declining trend line (falling channel), indicating either a potential breakout or further continuation along the downward trend.
An earlier examination of futures trading data suggests that the asset might have sufficient momentum to breach its current level, provided the market circumstances do not alter significantly.
It’s possible that MATIC may encounter resistance around $0.4631, near the top of its current channel. If it manages to surpass this threshold, it might indicate a shift in direction, potentially leading to a brief upward trend. Beyond the channel, at $0.5467, which coincides with the upper Bollinger Band, there could be a substantial resistance level if a breakout occurs.
At present, the cost of Polygon is probing the median line of the Bollinger Bands. If it persistently surges beyond this level, it might suggest a change in direction of the trend. Additionally, notice that the Bollinger Bands are becoming narrower, typically signaling an upcoming phase of increased volatility.
The Coppock Curve, a tool for finding potential long-term investment opportunities when it rises from a significantly low point, currently stands at -4.1552. This suggests that the negative market trend may persist, but it could be starting to lose strength.
If MATIC‘s price doesn’t manage to surge past $0.4631, it could be a sign of market instability, potentially leading to a continued decline. In such a situation, I might consider going short with the aim of reaching profit targets at around $0.3850, then $0.3400, and eventually $0.2780.
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2024-08-20 11:42