02 March, 2024

MATIC’s Unprecedented Rise in Daily Addresses Reflects Growing Interest

9 months ago

14 Nov, 2023

The Polygon (MATIC) network is witnessing a remarkable resurgence in popularity, with the daily creation of new addresses skyrocketing to levels unseen since February 2021. This exceptional growth highlights an increasing interest in the platform and its potential for further expansion.

As reported by the crypto analyst Ali , the number of new MATIC addresses being created on the Polygon network each day has reached an astounding average of 556 addresses. This significant uptick places the network’s growth at an all-time high, reminiscent of its impressive performance earlier this year.

Source: TradingView

MATIC has been trading in the range of $0.87 -$ 0.89 over the past 24 hours and is currently trading at $0.88 with a positive change of 0.92%. This indicates that traders are bullish on MATIC/USD pair and an upward trend may be expected.

The Bollinger Bands indicate a potential upsurge in the price of the underlying asset. This technical analysis tool consists of three lines: the middle band, an upper band, and a lower band. The middle band is typically a simple moving average (SMA), while the upper and lower bands are calculated by adding and subtracting a certain number of standard deviations from the SMA.

The moving averages for MATIC/USD show mixed signals across different timeframes. The shorter-term moving averages (10, 20) suggest buying while the longer-term moving averages (50, 100, 200) suggest selling. Therefore, traders should take note of the varying signals before taking any action.

Overall, MATIC/USD appears to be in an uptrend and suggests that investors may consider buying on dips. It is recommended to use proper risk management techniques such as setting stop losses while entering trades.  Traders should also keep an eye out for potential resistance levels at $0.90 and support levels at $0.87. 

In addition to technical analysis, traders should also pay attention to news developments related to Matic Network as they could have a significant impact on the price movement of the asset.  Finally, it is important to practice safe trading by understanding the risks associated with the asset.

Disclaimer:  This is not investment advice and should be used for educational purposes only. All traders should do their own research before taking any action.  The past performance of any asset does not guarantee future results. Trading may result in losses.  You should never risk more than you are willing to lose.  It is important to seek professional advice from a certified financial adviser before making any trading decisions.

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