- MATIC has been the star cryptocurrency over the last 24 hours, performing better than others like BNB, Ethereum, and even Bitcoin.
- The cryptocurrency’s price now sits at the $0.916 zone after ending up only a whisker away from $1.
- The trading volume on MATIC has also doubled, soaring by 90% over the last day to a $511 million high.
MATIC has been the star cryptocurrency over the last 24 hours, performing better than others like BNB, Ethereum, and even Bitcoin.
According to data from CoinMarketCap, the cryptocurrency has risen by 5.74% over the last day alone, starting from an intra-day low of $0.8661 and hitting a high of $0.9399.
The cryptocurrency’s price now sits at the $0.916 zone after ending up only a whisker away from $1.
The trading volume on MATIC has also doubled, soaring by 90% over the last day to a $511 million high.
But why did MATIC soar so high so suddenly? What drove its bulls to push back against the bears?
The answer to this question may lie in the +190% rise in its NFT sales and its breakout from the $0.86 resistance in the charts.
Polygon-based NFT Sales Spikes by 190%
According to an analytics tweet from Messari, the crypto and blockchain data aggregation platform, NFTs are faring well during the crypto winter, as far as the Polygon chain is concerned.
How have NFTs fared during the downturn?@0xPolygon saw a 191% increase in NFT sales since the end of September as Web2 companies attempted to fully integrate NFTs into their platforms.@Starbucks, @Reddit, and @Meta have all integrated with @0xPolygon. pic.twitter.com/pIgXQgdgwt
— Messari (@MessariCrypto) November 30, 2022
Since the end of September, NFT sales on the Polygon network have increased by 191% as several Web2 companies try to integrate NFTs into their platforms fully.
Messari also notes that huge companies like Reddit, Meta, and Starbucks have all integrated with the Polygon network.
In terms of total NFT sales since the start of the year, Polygon is currently the fourth-largest chain in the world.
However, just as important as the chain’s success in the world of NFTs is the performance of MATIC, its native cryptocurrency. MATIC is the tenth-largest cryptocurrency by market cap and has reacted to this huge development involving its parent chain.
MATIC Price Action
Despite the market crash caused by the FTX saga, MATIC is one of the best-performing assets on the market and has beaten even Bitcoin and Ethereum in terms of price action.
At the time of writing, MATIC has gained about 32% against Ethereum in November alone, and about 28% against Bitcoin.
From a daily perspective, MATIC also has an edge against both. While MATIC is consolidating about 5.47% above its intra-day low, Ethereum is only up by 1.2% and Bitcoin is up by 1.25% over the last day.
On the charts, the cryptocurrency has finally broken out of its ascending triangle formation to the upside and is now trading above its 20-day exponential moving average (red line).
After hitting a $0.94 high over the last 24 hours when it broke out of the $0.86 zone, the cryptocurrency is now aiming for another retest of its former resistance as a corrective retest before a longer rally to the $1 mark or beyond.
However, the 20-day moving average is an important line to watch. If the bears push the cryptocurrency price below this line, MATIC may slip below the $0.86 support and hit the bottom of its previous triangle formation around the $0.9 mark.
In all, the daily RSI is at the neutral zone and may indicate that the bulls are strong enough to push back against the bears.
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