MATIC flashes weekly buy signal: Should investors bet on it?

MATIC showed a buy signal on the weekly chart, but its price action did not yet show a bullish breakout past the $0.75 local resistance.

A daily session close above $0.75 could catalyze buying activity and usher in the volume needed to maintain the rally.also showed bullish intent on Monday, the 27th of May. Continued gains for the king coin could translate to positive sentiment across the market and might aid MATIC’s rally.The daily active addresses peaked in mid-March and trended downward till early May. Yet the numbers hovered around the 400k-500k daily active users mark consistently despite the sharp downtick in price.

Hence, a breakout past the local resistance at $0.75 might lead to profit-taking from holders. The recent spike in dormant circulation also added to the fear that selling pressure might begin to rise.The ascending trendline failed to hold as support in April. Since then, the price has traded between a range from $0.75 to $0.65. At press time, the price was very close to breaking out past the range highs.

Its reading of +0.11 at press time indicated significant capital inflow to the MATIC market. Hence, further gains appear sustainable.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Will Polygon [MATIC] beat its 26% drop, climb back towards $1?Polygon [MATIC] has witnessed multiple price corrections over the last month as it keeps drifting down on the list of the top 20 cryptos.
Read more »

Examining MATIC’s future as Polygon records new ATH in key areaPolygon [MATIC] has been in the new for several weeks because of its high network activity and things got even better
Read more »

XRP, MATIC and CYBRO Aim for $1: Which Altcoin Will Reach This Milestone First?In the bustling realm of cryptocurrencies, a trio of contenders is galloping toward a significant financial threshold. With a bull run in...
Read more »

Polygon holds key level, but will MATIC fall to $0.61 in May?According to IntoTheBlock, Polygon [MATIC] was at a point where 31,000 addresses purchased 216.94 million tokens at an average
Read more »

MATIC down 21% in April: Can 115K Polygon whales turn the tide in May?The count of Polygon [MATIC] whales has rallied in the last month despite the double-digit decline in the value of the Layer 2(L2) token.
Read more »

Why Polygon and MATIC’s loss is LINK’s gain after it surges 10%Chainlink saw an increase in the amount of tokens flowing out of exchanges and reflected positive social sentiment- can MATIC claim the same?
Read more »