Polygon’s native cryptocurrency, MATIC, has started moving upwards following a period of downwards price movement.
According to the crypto market tracker CoinMarketCap, the price of MATIC is around $0.5064. This is approximately a 26.74% gain over the last 24 hours. This recent price upswing has also seen the coin’s weekly price movement turn positive, as MATIC is up 22.03% in the last 7 days.
Currently ranked as the 18th biggest project in terms of market cap, MATIC has a total market cap of around $4.00 billion. This ranks the coin underneath Avalanche (AVAX) which has a market cap of around $4.81 billion and above Litecoin (LTC) which has a total market cap standing at approximately $3.89 billion.
MATIC/USDT weekly chart (Source: TradingView)
The weekly chart of MATIC/USDT shows how its price has been plummeting for the last 12 weeks as the crypto bear market took its toll on the token. During these 12 weeks, MATIC’s price dropped from $1.759 to as low as $0.332 — an 80+% drop in price.
Of the 12 weekly candlesticks in this sequence, there was one green candle. However, the wick of the candle was a strong sign that the selling pressure was too much for bulls as the price continued to fall and drop below a key weekly level at $0.951.
Now, it seems as if the weekly situation for MATIC may turn around as a green candle is starting to form. However, it may be too early to call the close just yet as we approach the end of the week, which is a period of profit-taking and cashing out. This may see the candle close as a green candle, but not by a convincing margin.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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