Last Updated on July 19, 2022 by Bitfinsider

In the previous day, the market for cryptocurrencies climbed by roughly 5% to retake the $1 trillion level. In the last seven days, the price of Polygon (MATIC) has climbed by more than 60%, making it one of the best-performing cryptocurrencies.

According to Tuesday’s Coingecko data, MATIC is presently selling for $0.927, a 20 percent rise over the previous 24 hours. The reason behind this surprise price hike is being considered by many investors. Let’s look at the technical details.

Indicators of a bullish run are being sent by MATIC, which has maintained its steady, strong pace and is trading higher. The altcoin’s price is upbeat on a retest of the $0.30 support level. In actuality, the daily price scale’s price behavior exhibits a high-low structure.

Favorable Polygon Trading Volume

In the face of high momentum, an increase in trading volume displays bullish traits. In an extremely volatile market, a resistance breakout can happen sooner.

The 24-hour trading volume of the token has surged by more than 70%, according to data from CoinMarketCap, with a total of $1.6 billion worth of MATIC being exchanged.

Since the previous month, the Polygon (MATIC) has been moving upward under the weight of a support trendline. The altcoin has recently exceeded $0.745 during its surge after breaking through numerous resistance levels. How much longer can this token keep up this pace?

Meanwhile, traders may expect a slight decline to the support trendline if the MATIC price fails to hold above the $0.745 level.

Polygon Was Established on Strong Foundation

The Ethereum network may be scaled with the help of Polygon. Smart contracts were added to the Ethereum blockchain for the first time, making it the undisputed leader in decentralized applications.

However, as the number of smart contracts has grown, Ethereum has discovered ways to speed up and streamline transactions. The Polygon network was created as a result.

Santiment asserts that the latest price hike has increased MATIC’s address activity. In contrast to other alternative cryptocurrencies, MATIC’s price recovery has not faced any opposition.

Between June 18 and June 24, Polygon saw an increase of 110 percent, but around $0.62, resistance arose. However, this impediment was overcome after a brief period of consolidation.

Given that the value of other digital assets has declined during this time, MATIC is one of the most profitable cryptocurrencies in the ecosystem and is defying the trend. Since the beginning of July, MATIC has increased by an astounding 80%.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.