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-0.0072 (-0.81%)
Name Symbol Market Market Cap ($) Algorithm
Polygon MATICUSD Crypto 8,224,393,436 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.0072 -0.81% 0.8864 0.8865 0.8867
High Price Low Price Open Price Prev. Close 52 Week Range
0.8931 0.8822 0.8923 0.8936 0.280000 - 1.57
Exchange Last Trade Size Trade Price Currency
GDAX 05:33:34 60.30 0.8864 USD
Price x Volume Volume Base Symbol Related Pairs
2,111,351.58 2,377,585.66 MATIC MATICEUR MATICGBP MATICBTC

MATIC May Take The Crypto Market By Surprise, Here’s Why

02/02/2023 12:00am


MATIC made a 180-degree turn at the beginning of the year, following Bitcoin’s lead. The token, used to govern and secure the Polygon Network, had consolidated since mid-July, with some erratic price action recorded in November. Related Reading: Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede At the time of writing, Polygon’s token has maintained its momentum since January with a gain of 42.6%, breaking the range formed in 2022. Can MATIC holders continue the streak and aim for further gains? February, A Month Of Love Or Disappointment For MATIC? MATIC’s funding rates remain neutral, with long positions paying short positions on most exchanges, except OKX and CoinEx. According to on-chain analytics firm Jarvis Labs, negative rates and aexceptikely present as a buying on-chainity for investors. In addition to the above, the number of active addresses fluctuates according to MATIC’s price. Whenever the price action dips, the number of addresses follows. However, according to historical data from Jarvis Labs, the number of addresses holding the token has increased since January. Similarly, as investor confidence in Polygon’s native token has grown, price volatility has increased over the past month, pushing the price to new highs since November. Jarvis Labs’ analysis suggests that when the 30-day price volatility increases on MATIC, the price tends to trend to the downside. Both price and volatility metrics are currently up on the 30d timeframe, which could suggest the token will retrace some of its gains. In addition, the MATIC/USDT trading pair Cumulative Volume Delta (CVD) based on the volume traded remained neutral. On the other hand, the MATIC/BUSD pairing Matic has seen spot bidding while the perpetual CVD has been decreasing. In short, Jarvis Labs’ analysis suggests that after MATIC’s long period of consolidation and breakout, the sentiment in the token should not be taken lightly. However, there are warning signs of a pullback as well. Investors Trust In Polygon For The Long Ride Recently global investment manager Hamilton Lane Inc. announced that individual investors can now access its equity fund, Equity Opportunities Fund, through a new securitized fund tokenized on Polygon.  Hamilton Lane closed the Fund at nearly $2.1 billion and made a portion of the vehicle available to retail investors through a feeder fund on a secondary basis. It will significantly increase access with a minimum investment of $20,000 from an average of $5 million. The Polygon token is trading at $1.1320, down 0.8% over the past 24 hours. MATIC is currently trying to break the next resistance level at $1.27. Failure to do so may result in a pullback to the next support level at $0.98. Related Reading: Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market With the recent decision of the Federal Reserve (FED) to raise interest rates to 25 basis points, MATIC may have the opportunity to follow the market sentiment and take the next resistance to consolidate and reclaim the $1.4 level.

1 Year Polygon Chart

1 Year Polygon Chart

1 Month Polygon Chart

1 Month Polygon Chart
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