On June 21, cryptocurrency values remained in the red. The hash rate in China is reducing as Bitcoin miners close, causing the world’s most valuable crypto, bitcoin, and ethereum, to fall in value. According to CoinMarketCap data, the overall crypto market value dropped to $1.4 trillion in the last 24 hours, a loss of nearly 8%.
In the midst of all of this, MATIC Price is reversing to new All-Time Highs. The altcoin appears to be on the verge of a bullish surge. Polygon gives a buy signal after plummeting more than 25% in the last five days. This cryptocurrency could soar to $1.45 or $1.60 if buying pressure increases. Currently, it’s attempting to make $1.50s as a support level and if it does, more bullish signals will be incoming.
Here are Prime Reasons Why Polygon (MATIC) Price will Flourish This Cycle
According to Santiment’s data, MATIC’s Daily Active Addresses has been showing incredibly encouraging signals of growth over the last few months and is continuing to do so this month. If the current trend continues, it will be difficult to overlook the bullish case for MATIC.
During the current crypto crash, MATIC’s Supply on Exchanges increased steadily, putting sell pressure on the market. It has gradually dropped since then, almost to the point where it has bounced off. This is positive, but it’s too early to say if there will be more when MATIC’s price finds its footing.
While it’s positive that the MATIC has broken through the resistance trendline, on-chain data shows that there is still a lot of sell pressure, as each rally has seen a surge in Daily Active Deposits. This indicates that a large number of people use any pump to leave their jobs.