MATIC May Take The Crypto Market By Surprise, Here’s Why
02 Février 2023 - 01:00AM
NEWSBTC
MATIC made a 180-degree turn at the beginning of the year,
following Bitcoin’s lead. The token, used to govern and secure the
Polygon Network, had consolidated since mid-July, with some erratic
price action recorded in November. Related Reading: Bitcoin Monthly
Signals Stack Suggesting Bulls Are Ready To Stampede At the time of
writing, Polygon’s token has maintained its momentum since January
with a gain of 42.6%, breaking the range formed in 2022. Can MATIC
holders continue the streak and aim for further gains? February, A
Month Of Love Or Disappointment For MATIC? MATIC’s funding rates
remain neutral, with long positions paying short positions on most
exchanges, except OKX and CoinEx. According to on-chain analytics
firm Jarvis Labs, negative rates and aexceptikely present as a
buying on-chainity for investors. In addition to the above, the
number of active addresses fluctuates according to MATIC’s price.
Whenever the price action dips, the number of addresses follows.
However, according to historical data from Jarvis Labs, the number
of addresses holding the token has increased since January.
Similarly, as investor confidence in Polygon’s native token has
grown, price volatility has increased over the past month, pushing
the price to new highs since November. Jarvis Labs’ analysis
suggests that when the 30-day price volatility increases on MATIC,
the price tends to trend to the downside. Both price and volatility
metrics are currently up on the 30d timeframe, which could suggest
the token will retrace some of its gains. In addition, the
MATIC/USDT trading pair Cumulative Volume Delta (CVD) based on the
volume traded remained neutral. On the other hand, the MATIC/BUSD
pairing Matic has seen spot bidding while the perpetual CVD has
been decreasing. In short, Jarvis Labs’ analysis suggests that
after MATIC’s long period of consolidation and breakout, the
sentiment in the token should not be taken lightly. However, there
are warning signs of a pullback as well. Investors Trust In Polygon
For The Long Ride Recently global investment manager Hamilton Lane
Inc. announced that individual investors can now access its equity
fund, Equity Opportunities Fund, through a new securitized fund
tokenized on Polygon. Hamilton Lane closed the Fund at nearly
$2.1 billion and made a portion of the vehicle available to retail
investors through a feeder fund on a secondary basis. It will
significantly increase access with a minimum investment of $20,000
from an average of $5 million. The Polygon token is trading at
$1.1320, down 0.8% over the past 24 hours. MATIC is currently
trying to break the next resistance level at $1.27. Failure to do
so may result in a pullback to the next support level at $0.98.
Related Reading: Why Ark Invest Believes Bitcoin Could Emerge As
Multi-Trillion Dollar Market With the recent decision of the
Federal Reserve (FED) to raise interest rates to 25 basis points,
MATIC may have the opportunity to follow the market sentiment and
take the next resistance to consolidate and reclaim the $1.4 level.
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