Polygon Price Analysis 24/3: MATIC’s Bullish Rally Continues with Over $40M Network Transactions

SNEAK PEEK

• MATIC’s bullish trend fueled by network expansion and increased demand.
• Positive technical indicators point to a potential investment opportunity.
• Traders may consider buying MATIC in the near future.

In the previous 24 hours, bullish hegemony has ruled over the Polygon (MATIC) market, with values ranging between an intraday low and high of $1.11 and $1.16. This bullishness is attributable to the over $40 million in revenue transactions on its network, showing investors are optimistic about the future of Polygon as it continues to attract more users and developers to its network. 

🐳 #Altcoins have lit up with several transactions among the biggest of the year for their respective networks. $MATIC and $FET have both seen a transaction valued at over $40M on their networks. Watch $MANA, $DIA, $IMX, and $SAND after their big whale moves as well. 👀 pic.twitter.com/8zzF8TxqhG

— Santiment (@santimentfeed) March 23, 2023

This expansion in usage is projected to drive up the demand for MATIC tokens, leading to a further increase in their price. The bullish hand was still there as of press time, generating a 1.78% increase to $1.14 from the previous high.

During the rise, the market capitalization increased by 1.76% to $9,958,215,615, indicating that investors are enthusiastic about the company’s prospects and capacity to deliver substantial profits. The 24-hour trading volume, on the other hand, fell by 27.70% to $408,562,895, indicating a likely decline in short-term trading activity or a change in investor attitude toward a more long-term stance.

MATIC/USD Technical Analysis

The Rate of Change (ROC) on the MATIC price chart is positive, with a score of 4.49, indicating that the market’s present bullishness is expected to continue. This move suggests that the buying pressure is increasing, and traders may want to consider adding MATIC to their portfolios as a potential investment opportunity.

When the Relative Strength Index reaches 50.06 and crosses over the signal line, it shows that MATIC is gaining momentum, which might lead to an additional price rise in the near future. This move supports the ROC trend since it suggests that the buying pressure is increasing and the current price level may be undervalued, making it a good opportunity for traders to enter the market and potentially profit from the upward trend.

With a reading of -0.005, the MACD blue line’s trajectory above its signal line as it moves towards the positive region suggests that buying momentum is gaining strength, and the trend may continue to move upwards in the near future, making it a good time for traders to consider buying into the market.

MATIC bullishness continues, with increasing buying pressure and expanding usage driving up demand for tokens, potentially leading to more price growth.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/polygon-price-analysis-24-3/