The $1.13 price mark is getting close to being breached by MATIC price, which will restart the altcoin’s ascent. On a larger scale, MATIC is continuing the upward trend that started five months ago. The latest increase in investor activity suggests that MATIC holders are still anticipating gains.
The current situation
When the cryptocurrency rose by 43.91% to trade at $1.25 earlier this month, MATIC’s price (1) recorded one of the largest gains. This increase was transient, though, as the cryptocurrency dropped to $0.81 after the market-wide catastrophe. Its owners have maintained their optimism despite all odds, as seen by their movement over the past 24 hours.
The price to reach a peak
In November, MATIC’s price increased by 37.55%, which put the alternative currency back over $1 and served as a crucial psychological boost. From this point on, the cryptocurrency will try to retake the $1.13 support level, which it previously tested during the 43% surge of MATIC. If the price is successful in moving past $1.13 and turning it into support, it will be able to continue its uptrend into the next significant resistance level at $1.32. An increase to this level, which was last touched in April of this year, would make up for huge losses suffered by investors over the previous seven months.
Only if investors maintain their current bullish momentum, which continues unabated after the crash of November 8, would such an upsurge be achievable. On-chain activity peaked on November 10 amid the recovery period, not the downturn of November 9. The number of active addresses increased by 84%, and the daily transaction volume almost reached $300 million. If these numbers improve, MATIC may experience another rise over the following several days. However, the cryptocurrency can lose its $1 support if broader market signs go toward the bears and MATIC paints a red candle.
