Bitcoin
BTC$47 909.19

1.25%

Ethereum
ETH$3 403.28

-0.03%

Cardano
ADA$2.35

0.60%

Binance Coin
BNB$407.56

0.47%

Tether
USDT$0.999719

-0.01%

Solana
SOL$169.00

15.95%

Matic Network: Another Altcoin Making Way to the All-Time High


#Polygon

Presently, Matic Network (MATIC) is one of those altcoins that have come to life because of its foundation that is built on the Ethereum network. According to our research, practically all coins out of the top 100 that have the ERC-20 standard at their core - MATIC is currently ranked 95th - were significantly bullish during the past two to three weeks.

MATIC is not shy to display its upside potential


As for Matic Network, 99% of those who hold the coin are making money right now as it's all-time ROI now stands at 575,1%, while the last year's gains amount to 116% against USD and 86% in the pair with Bitcoin.

6-month MATIC chart

MATIC has been particularly active over the course of the last seven day, as you can see on the chart above, when it gained 36.3% against USD and 34.2% in the BTC market in one large upswing that left the price in close proximity - 31% to be precise - to the historical high at $0.045 that was established last December. Obviously, when and if the price surpasses that level, traders should expect more explosive growth on the part of MATIC, but ideally, the altcoin would have to go through a short retracement phase in order to assure traders that the trend is developing in a healthy fashion.

1-week MATIC/USDT chart

But as the weekly chart above shows, MATIC is in the midst of what appears to be the most potent rally since that of the fall of 2019 as it began with a large engulfing bullish candle and then dashed past the last bearish stronghold at $0.026, thus leaving no levels for the sellers to cling on to, so at the lack of any negative external factors, MATIC could pull through the remaining 31% relatively easily.

Both MACD and RSI are immensely bullish on this time frame, accompanied by the increasing trading volume, although the course of price action in the coming weeks will be determined by the opening position of the next weekly candle. Should the cryptocurrency market, in general, remain bullish, there is a high probability that MATIC will reach the historical high in the next five to ten weeks.

1-day MATC/USDT chart

Upon switching to the daily time frame, we discover that Matic Network could be nearing the end of the ongoing rally that took the price above $0.026, along with the period of high volatility, since we notice how extremely extended the Bollinger Bands are right now, which always results in the price retracing to the middle line of the bands, although in that case, the pullback could be limited to the newly-established support that has already been tested and confirmed. However, try not to jump the gun here and start shorting MATIC, because the trading volume is on the rise again, while MACD and RSI are staying loyal to the bullish side.

To summarize, Matic Network displays all the prerequisites for becoming another altcoin that will beat its historical price record in the near future, although it may go through a couple of retracement stages beforehand. In the current situation, we would recommend resorting to a tactic of trailing stop-loss to try and catch the top of the upswing.

  Author: Alex Paulson for Crypto-Rating.com

Related

Matic Network (MATIC): A Long Way Up Before Capitulation
Matic Network (MATIC): A Long Way Up Before Capitulation
Matic Network: Explosive Growth After India Lifts Crypto Ban
Matic Network: Explosive Growth After India Lifts Crypto Ban

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 18 $47 909.19 1.25% 6.49% $901 641 061 708 $28 050 036 805
2 Ethereum (ETH) ETH Ethereum predictions 74% 50 $3 403.28 -0.03% 4.43% $400 159 822 847 $15 622 649 240
3 Cardano (ADA) ADA Cardano predictions 70% 67 $2.35 0.60% -7.85% $75 357 799 161 $2 088 968 420
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $407.56 0.47% 1.25% $68 526 382 470 $1 286 561 409
5 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999719 -0.01% -0.08% $68 273 294 138 $59 325 016 988
6 Solana (SOL) SOL Solana predictions 56% 90 $169.00 15.95% -4.00% $50 188 146 941 $5 525 090 300
7 XRP (XRP) XRP XRP predictions 69.2% 60 $1.069665 -0.34% 0.13% $49 870 165 652 $2 257 392 576
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 81 $33.88 2.15% 6.78% $33 459 890 032 $1 816 386 745
9 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 75 $0.239076 -0.82% -0.97% $31 399 746 530 $979 904 892
10 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $0.999641 -0.02% -0.06% $29 376 366 391 $2 105 784 383
11 UniSwap (UNI) UNI UniSwap predictions 68.4% 63 $24.35 0.43% 8.39% $14 893 602 037 $286 321 085
12 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 69 $67.04 -5.17% 18.67% $14 768 791 649 $1 846 054 630
13 Terra (LUNA) LUNA Terra predictions 66.4% 64 $34.44 -1.18% -11.44% $13 834 117 320 $717 648 404
14 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999598 -0.01% -0.06% $12 808 404 518 $4 836 734 186
15 Chainlink (LINK) LINK Chainlink predictions 73.6% 52 $27.94 0.69% 4.33% $12 672 882 341 $1 023 457 767

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.