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Analyst claims MATIC might see ‘extreme’ price hikes once…

Press Releases Crypto News AMB-Crypto Analyst claims MATIC might see ‘extreme’ price hikes once…

An analyst posted that MATIC could continue to rally.
Active addresses and volume jumped, indicating a bullish sentiment.

According to crypto trader Rekt Capital, Polygon [MATIC] has the potential to rise higher than it has. However, the analyst posted that predicted upswing depends on the $1.34 resistance.

In his post, Rekt Capital mentioned that the Polygon native token could experience extreme volatility once it flips the resistance. If volatility is high, then it means the price of MATIC might extend above $2 if the momentum is bullish.

At press time, MATIC changed hands at $1.25, representing a 10% increase in the last seven days. AMBCrypto checked Polygon’s on-chain volume and observed that it has been increasing.

As of this writing, the volume was one billion. When placed with the rising price action, the inference was that MATIC could trend higher.

However, traders might need to watch out for possible changes. If the volume decreases while price climbs, the bullish trend might weaken.

Source: Santiment

Should this be the case, MATIC’s northward movement could be grounded to a halt. On the other hand, if the volume continues to rise alongside the price, then the token could break through the $1.34 resistance.

In terms of the circulation, AMBCrypto found that the metric has decreased. At press time, Polygon’s one-day circulation was down to 32.23 million. Circulation tracks the number of token engaged in transactions within a given period.

It also plays a role in evaluating the potential price of a cryptocurrency. If circulation increases, then the possibility of sell-offs also jump. This implies that the price of the token might decrease. However, a decr

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Author: Victor Olanrewaju

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