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NewsBTC 2022-10-06 23:55:48

Polygon (MATIC) Leads Gains By Adding Over 14% In A Week

Polygon (MATIC), the Ethereum L2 project, has seen a massive increase in its price over the past seven days. The project has enjoyed much attention from the bulls, gaining over 14% in just one week. Polygon, currently ranking 11th based on market cap, has had a busy week. The PolygonDAO has been closing deals and partnerships to expand the project’s reach. This might be a major determinant of its more than 14% increase. Related Reading: Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022 However, it’s uncertain if the token will breach its $0.85 resistance in the coming days. As of writing, MATIC is trading at $0.83, down 0.66% in the last 24 hours. Doubts Despite 7-Day Gains Despite recording a stunning 14% gain in value, there are still doubts surrounding the project’s next price direction. In the early hours of today, the coin strengthened itself against BTC and ETH. MATIC recorded 1.45% and 0.39% gains against both currencies, respectively. It also traded at $0.8462, a 0.70% gain over its last 24-hour price. The price of MATIC has moved over both the 9 and 20 Exponential Moving Average (EMA) lines. This is noticeable on the daily chart for the MATIC/USDT pair. Still, on the subject of EMAs, the 9 EMA has just made a bullish crossover above the 20 EMA. This crossover may signal a continuous upward trend for the token. However, traders must be cautious as the Relative Stren...

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