polygon (diplomatDespite the sluggish conditions of the broader crypto market, the price has registered a rise of over 14% in the last six days.
At press time, MATIC was priced at $0.8723, with a daily gain of 7.91% as the coin recovered above the $0.84 mark. The move caused MATIC to move up to the first rank on CoinMarketCap’s top gainers list, as investors were left with some short term relief,
MATIC is priced at $1?
The price of MATIC made many a failure efforts throughout october There was a push above the key $0.84 resistance level.
Around October 13th, the MATIC/USDT pair broke up Bearish trend formed in early October. As the price rose, RSI further broke out of the downward trend.
The next notable supply hurdle will be found near $0.97, where there are 969 million MATICs with over 45,000 addresses. If the bullish momentum continues, MATIC price could rally towards $0.94 in the near term.
With the RSI turning positive, the price action could be in favor of the bulls. On the other hand, if the bulls fail to hold the price above $0.85, there could be a downside move and the price could return to $0.75.
new participants are coming
MATIC is gaining Daily Active Addresses (DAA) during this bullish price action. DAA figures increased by over 60% in just a few days.
Data from IntoTheBlock also revealed that over the past seven days, new addresses increased by 11.54%, while active addresses increased by 19.47%.
However, MATIC’s MVRV (Market Price/Received Price) showed some signs of overheating as the 7-day MVRV ratio began to flat-line higher. Nonetheless, the 30-day MVRV is still in an uptrend, with a longer term trend intact.
MATIC’s network growth also saw a decent rally which could support the short-term price momentum. However, with whale accumulation still sitting at a low level, it can be inferred that the larger fish are still on alert and have not started depositing again.
Overall, while MATIC’s on-chain metrics indicate a healthy outlook for the coin, the only recovery that can be expected is when there is less whale accumulation and larger transactions.
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