SNEAK PEEK

• Rebounding network growth indicates heightened interest and engagement.
• Decreasing supply on exchanges suggests potential scarcity, driving prices up.
• Low profit-taking reflects strong confidence and long-term investment belief.

In a recent report, it has been observed that MATIC, a prominent digital asset, is undergoing a noteworthy upward trend, exhibiting a substantial 6% increase in value within a mere 8-hour timeframe. This surge in price follows a series of positive on-chain developments that reinforce the asset’s strength and potential.

📈 $MATIC is on a mini run today, with a +6% price rise in the past 8 hours. Some positive on-chain signs for the 12th ranked market cap asset include rebounding network growth, decreasing supply on exchanges, and low profit taking. https://t.co/EB4njHmn1W pic.twitter.com/NmwvNQY89j

— Santiment (@santimentfeed) July 10, 2023

One of the key indicators highlighting the asset’s bullish trajectory is the rebounding network growth. The MATIC network has shown a resurgence in activity, indicating renewed interest and participation from investors and users. This surge in network growth signifies a growing ecosystem and a favorable outlook for the cryptocurrency.

Furthermore, the report highlights a decrease in MATIC’s supply on exchanges. This reduction suggests a shift in investor behavior, with holders displaying confidence in the asset’s long-term potential and choosing to hold onto their MATIC tokens rather than selling them. Such a trend is often interpreted as a positive sign, indicating a belief in the asset’s value appreciation in the future.

Additionally, the report notes that profit-taking activities related to MATIC have remained relatively low. This indicates that investors are not rushing to sell their holdings despite the recent price rise, further supporting the notion that confidence in the asset’s upward trajectory is growing.

The combination of these positive on-chain signals contributes to the overall sentiment surrounding MATIC, driving increased interest and potentially attracting more investors to the asset. As the market continues to evolve, keeping a close eye on these developments will provide valuable insights into the future performance of MATIC and the wider cryptocurrency landscape.

MATIC/USD 1-day price chart: Bulls reign over the market as  MATIC continues to surge

The most recent Polygone price analysis reports a strong bullish sentiment in the MATIC market, as indicated by its 6% rise within 8 hours. At the time of writing, MATIC is trading at $0.7378 and looks to continue its upward trajectory. The market opened the day trading at $0.7151 and has seen steady gains throughout the day, breaking through several significant resistance levels to reach its current price point.

The support level for the asset has been established at around $0.6801, and if bears manage to break this, it could lead to a further decline in price. However, if bulls are able to maintain their control over the market and push prices upward, MATIC could potentially reach its next major resistance point of $0.7473. The bulls remain in control of the market for now, so any further gains will depend on their ability to push prices higher. 

The hourly technical indicators reflect a bullish outlook, with the 20-SMA crossing above the 50-SMA. The relative strength index (RSI) also indicates a strong uptrend, currently trading in near the overbought region at 67.92, indicating that the bulls are firmly in control of the market. The moving average convergence/divergence (MACD) also reflects a bullish sentiment, with the histogram lines trading in the positive region. The MACD line also trades above the signal line, indicating further upside potential. 

Overall, MATIC has experienced a significant surge in price over the past 8 hours, driven by its strong on-chain fundamentals and bolstered by positive technical indicators. The asset looks set to continue its bullish trend for now, with potential for further gains if bulls are able to maintain their control over the market. The buying pressure in the market also suggests that MATIC could reach its next major resistance point soon.

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-matic-price-analysis-11-07/