Bittime - Polygon (MATIC) price has performed impressively in the past month, with an increase of more than 50%.
This movement indicates investor optimism towards this blockchain platform known as Ethereum's scalability solution.
However, this bullish momentum may face challenges as MATIC approaches the important resistance at IDR 17,280. This level could prove to be a stumbling block for MATIC in April 2023, and breaking it again will be key to resuming the upward trend.
Purchasing Activity Increases and Investor Participation Strengthens
Even though there are obstacles ahead, there are several positive indicators showing that MATIC has penetrated the resistance level of IDR 17,280.
One indicator is significant buying activity in the market. Shareholders have shown their confidence in MATIC by purchasing around 59 million tokens in a short period of time.
Also Read Polygon (MATIC): What it is and How It Works
This surge in purchases was accompanied by increased investor participation, reflecting market optimism regarding Polygon's future.
This shows that more and more investors are interested in MATIC's potential and want to take part in its growth.
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Increase in Active Addresses Shows Increased Market Attractiveness
Another factor supporting MATIC's bullish outlook is the 88% surge in active Addresses on the network. This increase shows that more users are interacting with the Polygon platform, signaling increased market appeal and investor confidence in this altcoin.
Also Read How to Buy Crypto:
Decreasing MATIC Supply on the Exchange Strengthens Bullish Sentiment
The bullish sentiment was further strengthened by the decline in MATIC supply on the exchange over the past week. This shows that investors prefer to hold their tokens rather than sell them, which is a sign of confidence in MATIC's long-term prospects.
Positive Momentum Helps MATIC Through Momentum Shifts
The positive momentum that MATIC currently has can help it overcome potential shifts in momentum, especially those related to the resistance level of IDR 17,280.
If MATIC manages to penetrate this level, it will open the way to the next price target of IDR 19,040, potentially even reaching a new annual record.
Caution is Still Required, Downside Risks Still Exist
Even though there are many positive indicators, it is important to remain cautious in investing. MATIC's failure to penetrate the IDR 17,280 resistance level in the past indicates that there are downside risks that need to be considered.
If MATIC fails to penetrate this level, there will likely be a 10% correction, with the price falling to IDR 15,440.
In this scenario, the bullish theory for MATIC will be doubted and may result in losses for investors.
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Conclusion
Polygon (MATIC) price shows significant bullish potential, with a 50% gain in the past month, high buying activity, and increased investor participation.
The barrier at the level of IDR 17,280 has been crossed to indicate a continuation of the upward trend. Caution remains necessary, and investors should consider downside risks before investing.
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.
Learn the complete guide on how to buy Polygon (MATIC) on Bittime .
Monitor the price chart movements of 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
Polygon (MATIC) Price Prediction According to Crypto Academy
Crypto World Turbulent, PUSHD, LINK and MATIC Rally 100x
MATIC and Polygon: Unique Ecosystems that Appeal to Developers
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.
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