Crypto investors are confident that Polygon (MATIC) will reach $1 following its recent 24-hour surge.
At the time of writing, MATIC is currently CoinMarketCap’s 13th biggest crypto in terms of market cap. This places MATIC right behind Dai (DAI) in the 12th position and in front of Avalanche (AVAX) in the 14th position.
MATIC is currently trading at $0.887 after managing to reach a high of $0.8969 over the last 24 hours. This means MATIC is currently up about 13.79% over the past 24 hours. The crypto is also up 64.20% over the last week.
MATIC’s market cap now stands at $7,071,450,553. In terms of 24-hour trading volume, the crypto is currently up by 54.30% to stand at $1,328,474,646.
Daily chart for MATIC/USDT (Source: CoinMarketCap)
The daily chart for MATIC/USDT is looking relatively bullish, which may suggest that MATIC’s price may continue to climb. The recent move happened after MATIC’s price rose above the 20 and 50 EMA lines. Since then, MATIC’s price has been able to maintain its position above the two lines, continuing its rally in the process.
A significant bullish flag is the 20 EMA recently crossing above the 50 EMA. Another bullish flag is the MACD line well above the MACD signal line as the histogram gradient becomes more positive. These are key indications that MATIC’s price will continue to rise. Should this be the case, the price of MATIC can soar to $1 and potentially rise higher.
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Source: Cryptocurrency - investing.com
