- MATIC has surged more than 3.6% in the last 24 hours.
- The indicators and indicators looked optimistic.
Polygon (MATIC)next Current market trends indicate that prices have increased in the last 24 hours. But despite this, 24-hour trading volume declined.
However, considering the latest data, the token may have been gearing up for further upside.
Polygon is broken above main level
According to CoinMarketCap, the value of MATIC has surged more than 6% in the past seven days. In fact, in the last 24 hours alone, the token price has risen by more than 3.6%.
At press time, Polygon had a market capitalization of over $11.6 billion and was trading at $1.18. As a result, the token’s social volume remained high throughout the past week.
Source: Santiment
However, Weighted Sentiment remained low, meaning bearish sentiments dominate towards the token. Additionally, trading volume decreased by 21.5%.
The lower trading volume means that investors are not actively trading the token at press time.
Which direction is MATIC headed?
To better understand what to expect from the token, AMBCrypto looked at its metrics.
According to CryptoQuant analysis: dataAt press time, MATIC’s exchange net deposits were lower compared to the past seven-day average.
This means there is high buying pressure for the token.
Another bullish indicator was the token’s MVRV ratio, which increased over the past week. MATIC’s network activity was also high during this period, as can be seen from the daily active addresses.
Source: Santiment
In fact, MATIC broke above the key resistance level of $1.177 at the time of writing, suggesting that the token could soon embark on another upward rally.
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In particular, MACD showed a clear bullish crossover and the Relative Strength Index (RSI) also recorded a sharp rise.
This indicates that prices are likely to move further north in the future.
Source: TradingView