MATIC Surpasses $1: Potential Rise and Risks Highlighted

Share on Facebook Share on Twitter

tl;dr

The cryptocurrency MATIC has reclaimed the $1 mark and could rise further according to analysts. Despite possible setbacks, MATIC could gain 20% in the coming weeks and reach $1.20. The Liquidation Heatmap shows that long positions above $1.05 could benefit, while highly leveraged positions between $0.89 and $0.96 could be liquidated.

MATIC over $1 – Is the next push coming?

After an increase of 20% in the last seven days, the cryptocurrency MATIC has reclaimed the $1 mark. The current price is $1.005. However, this may not be the end of the line as some on-chain metrics suggest further upside potential. One of these metrics is circulation. It measures the number of tokens involved in transactions over a certain period. A decrease in circulation could indicate price stability or significant upside potential.

Possible price increase to $1.20

If the decrease in circulation continues, the price of MATIC could rise by another 20%. In this case, Polygon’s native token could reach $1.20 in the coming weeks. From a technical perspective, more and more capital is flowing into MATIC. The Money Flow Index (MFI) was 87.58 at the time of the analysis. This suggests that MATIC is overbought, as the MFI value is above 80.00. This could expose MATIC to a decline.

Long positions have clear advantages

The Liquidation Heatmap shows price zones where over-leveraged traders could lose money. Data from HyblockCapital shows that highly leveraged positions between $0.89 and $0.96 could be liquidated. Above $1.05, however, long positions could benefit from higher prices. However, it might be advisable to avoid high leverage, as market conditions could change from bullish to bearish at any time.

Our Assessment

Despite the positive forecasts, MATIC could pull back before further increases. Therefore, both long and short positions should be cautious when placing large bets. It might not be a good idea to open short positions in MATIC in the short term.

Sources: Victor Olanrewaju, Saman Waris, HyblockCapital, Santiment, TradingView.

Share on Facebook Share on Twitter
Casinos: 6
Profile Polygon-Matic
Symbol MATIC
Coin type Alt Coin
Transaction Speed High
Pros
  • Fast deposits and withdrawals
  • Anonymity and data protection
Cons
  • Technical hurdles
  • Limited acceptance
Price 0,58 €
Percent Change 24h 2,37 %
Percent Change 7d -5,84 %
Percent Change 30d -12,57 %
Percent Change 60d -6,33 %
Official Links
Socials Reddit | X
Best 3 Polygon-Matic casinos

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.