COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Crypto Market Buzz: Polygon (MATIC) Price Surges Despite Challenges
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Polygon (MATIC) > Crypto Market Buzz: Polygon (MATIC) Price Surges Despite Challenges
Polygon (MATIC)

Crypto Market Buzz: Polygon (MATIC) Price Surges Despite Challenges

In Brief

  • Bitcoin's peak spurs excitement, boosting Polygon (MATIC) by over 57%.

  • Investor support helps MATIC reach an 11-month high despite resistance.

  • Selling pressure and increased exchange supply could signal profit-taking.

COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

Crypto currency market is currently excited due to Bitcoin reaching its highest level in several years, which also influenced the price of Polygon (MATIC), which has increased by over 57% in the past month. The popular altcoin MATIC started an absorbent rise despite the negative events. Last month, Polygon’s price experienced significant increases and reached $1.12 at the time of writing. Unlike Bitcoin, MATIC faced significant resistance throughout February, but investor support continued the rise and pushed the cryptocurrency to its highest level in 11 months.

Contents
Pressure on MATIC SalesBitcoin’s Impact on MATIC

Pressure on MATIC Sales

Similarly, investor selling pressure could trigger a decline in the MATIC price. The total supply of MATIC on exchanges has shown an increase of 100 million MATIC over the last 12 days, bringing the total to 1.2 billion MATIC. An increase in exchange supply can often indicate an intention to sell. Additionally, during rally periods, this situation can be an indicator of profit booking. Considering that the bullish sentiment may be temporary, MATIC holders may prefer to secure their profits before any corrections occur.

However, these data could pose the biggest threat to Polygon’s price increase because these investors are known for their rapid buying and selling. MATIC’s concentration has doubled from 3.9% to 7.8% in just two weeks, and they currently hold tokens worth approximately $782 million. If these investors choose to sell their assets to realize profits, the altcoin could face significant resistance against further rises and could even potentially experience a decline on the daily chart.

Bitcoin’s Impact on MATIC

MATIC price is currently near testing the critical resistance level of $1.18. This level, historically proven to be a solid support level, could generally be the first step towards a rise above $1.20. BTC‘s price on Monday reached a new yearly high of $68,359. If BTC continues this rally, MATIC could see further gains due to a positive correlation of 0.9 with Bitcoin.

This high correlation could mean that MATIC might follow the momentum generated by BTC if it cannot follow the path created by its own supply and demand. If the MATIC price continues to rise, it could turn the $1.18 resistance level into support. However, if it cannot overcome this barrier, it could fall back to $1.05. A daily candlestick close to this line could leave the altcoin vulnerable to a drop to $0.95 and invalidate the bullish thesis.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Polygon Faces Leadership Shift as Co-Founder Mihailo Bjelic Exits

Polygon Launches AggLayer v0.2 Testnet to Enhance Blockchain Interactions

Polygon Community Votes on Liquidity Proposal to Fund Ecosystem Growth

AggLayer Summit Engages Blockchain Leaders in Bangkok

Polygon and Magic Labs Create a New Cross-Chain Network

COINTURK NEWS 5 March, 2024 - 4:08 pm 5 March, 2024 - 4:08 pm
Share This Article
Facebook Twitter
Share
Previous Article DWF Labs Announces $10 Million Investment in TokenFi’s Native Asset TOKEN
Next Article Major Investment and Project Launch for Fetch.AI
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Bitcoin Soars as Trump and Xi Have an Unexpected Conversation
Cryptocurrency News
Crypto Gains Momentum as ECB Cuts Interest Rates
Economy
Cardano Seamlessly Integrates with Unreal Engine to Elevate Gaming Experiences
Cardano (ADA)
Expert Predicts Bitcoin’s Path to $160K: What You Need to Know
Bitcoin (BTC)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?