Bright beginning of last month could lead to strong rally in December
Matic continues to surprise investors with its explosive price performance. Once again, the coin has risen to the top of the crypto market, and a whole variety of on-chain and market indicators suggest 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 in 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.
wild ride
Almost every MATIC holder has endured one of the most nerve-racking experiences of their lives this November, as the coin began the month with a strong rally of 45% and then rapidly plummeted to pre-pumped levels in a matter of days. Fell till , Causing massive losses for token grabbers 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.
As of press time, MATIC is trading at the $0.9 price level with a 10% price increase in the last 24-hours.
