Polygon Rises 200%, Can It Hoist Matic?

Bittime - Polygon rises 200%, can it lift Matic? Polygon's explosive upward trend, reaching 200%, does not necessarily have positive implications for Matic.

While Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] have gained attention thanks to ETFs and memecoins , Polygon [MATIC] has also shown significant growth since the start of the year.

The news that Polygon rose 200% still needs to be confirmed clearly, so that the crypto public can take the right stance.

Activity Increases because Polygon Increases 200%?

Data shows a staggering 200% increase in daily active addresses since the start of the year.

Despite the surge in activity, MATIC price movements are not in sync with the growth of activity on the Polygon network. MATIC price fell 19%.

Also Read: Altcoins Crash, What Happened and Why?

Before the MATIC price fell, the price moved sideways without any clear indication of a trend forming. 

However, after the correction, MATIC showed a bearish trend marked by lower lows and lower highs.

Source: https://ambcrypto.com/

To break this trend and provide a chance of reversal, MATIC needs to retest and break the $0.6346 level and target the $0.6886 mark.

The RSI ( Relative Strength Index ) is at 52.65, implying there is bullish momentum in favor of MATIC.

However, the Awesome Oscillator (AO) shows a negative value, indicating that the short-term price movement is weaker than the long-term trend, so it is likely that the price will continue to fall.

Check Today's Crypto Market:

Automatic Chain Indication

However, on-chain metrics reveal some positives for MATIC. In recent days, the growth of the MATIC network has increased significantly, indicating that the number of new addresses interested in MATIC is growing.

The increased network growth also shows that new users are willing to buy MATIC at the current lower price.

MATIC trading speed has also increased, which means that MATIC trading frequency has increased.

Source: https://ambcrypto.com/

The new addresses that collect MATIC are not large addresses. 

Analysis of Santiment data by AMBCrypto revealed that groups holding more than 10,000 MATIC tokens actually sold their holdings.

MATIC's recent price increase was driven by interest from retail investors.

Check Crypto Prices Today:

Final Notes

Although retail spot traders showed interest in accumulating MATIC, this enthusiasm was not reflected among futures and options traders.

Data analysis from Coinglass reveals that Open Interest for MATIC has dropped significantly since April 1.

Based on the analysis described above, it can be concluded that Polygon Matic is still in a vulnerable condition, even though Polygon rose 200%, this is not a guarantee.

How to Buy POLYGON (MATIC) on Bittime

You can buy and sell POLYGON (MATIC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

POLYGON (MATIC) is available on Bittime with the market pair MATIC/IDR . To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Read POLYGON MATIC Buying Guide Here.

Monitor price chart movements for POLYGON (MATIC) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

MATIC Price Still Down, Polygon Network Faces Big Challenges

io.net Price Prediction 2024-2030: Potential to Surge Up to $6.37

Shiba Inu's Weekly Burn Rate Soars, Will the Price Soar Too? Here are the details

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.