MATIC's Unusual Price Spike Puts It at Top of Crypto Market
MATIC keeps on surprising investors with its explosive price performance. Once again, the token got to the top of the cryptocurrency market, and the whole variety of on-chain and market indicators suggests it will remain there.
As IntoTheBlock's data suggests, two out of the seven on-chain indicators for Polygon are flashing green, while only one of those seven is in the bearish zone. The aforementioned bullish indicators are the In The Money indicator and Bid-Ask Volume Imbalance.
The In The Money indicator tracks the profitability of an asset and enters the green zone as soon as the percentage of users in profit on the network increases. As assets become more profitable, their position on the market becomes more attractive. The Bid-Ask Volume Imbalance, tilted toward buying orders, is also a sign of an elevated demand for MATIC. The previous price performance of the token attracted numerous speculative traders.
Almost every MATIC holder has most likely endured one of the most nerve-racking experiences in their life this November, as the token started off the month with a strong 45% rally and then rapidly fell down to pre-pump levels in a matter of days, causing massive losses for those who grabbed tokens at the local top.
Only one day after reaching the bottom, MATIC swung up by 37% and reached the $1.1 price level. Unfortunately, the reversal was not long in coming and happened right away. Over the next three days, Polygon's token lost more than 20% of its value and entered consolidation. At press time, MATIC is trading at the $0.9 price level with a solid 10% price increase in the last 24 hours.