Price Analysis: Matic Pumping To New Highs

price analysis on matic

Current Scenario:

Matic the native token of polygon blockchain created its new all-time high of $0.5435 yesterday, it traced back 25% and closed at $0.408.
Today again it is bullish and has reached back to $0.500. It has created a new all-time high in the last consecutive weeks

Matic ATH chart

The daily chart of Matic shows a parabolic move in the bullish direction. The reason for it is the integration of superfarm in polygon blockchain, enabling Nft farming in Polygon using Matic.

Active Addresses

In this week, Matic has seen a huge surge in its active addresses, according to the data provided by glassnode shown above the number of the address of Matic has turned 4x.

Number of active Active addresses on Matic.

Listing on Coinbase:


Today Coinbase listed Matic, which is one of the most trusted centralized exchanges. It has created a new trust in traders to invest in Matic.

Conclusion:

Sudden volatility in the Matic has created uncertainty in the Matic. If it breaches its support the price bubble will burst and we will see a downfall in matic for the short term.

On the other side, Matic’s listing on a new exchange with a high trust score can bring buying pressure from new users.

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