One of the promising cheap currencies is back in the forefront after recording strong gains over the past few sessions, surpassing the gains of major currencies such as Bitcoin, Ethereum and Binance Coin.
The Polygon Matic currency is leading the rise of the billion-dollar cryptocurrency market during these moments of trading today, Thursday, as well as the rises of major currencies within a week.
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With the spread of the phenomenon of meme coins and dog coins like Shiba Inu and Dogecoin, which found support from business and financial magnates like Elon Musk, some underwater coins began to appear again, and investing in them carries high risks, to the point to lose all your money, so you have to be careful. Be careful, as all the data in the report is merely a monitoring of price fluctuations according to the trading platforms.
The Polygon Matic currency rose more than 30% during these moments, rising from a low of $ 0.4076 to a high of 0.5145 during Thursday’s trading, while trading volumes amounted to almost $ 1 billion, a increase of 120% compared to Wednesday’s trading.
Polygon Matech has risen more than 30% in a week, while it has risen in four days since falling to the bottom of the current June 18 at levels of $ 0.322 by more than 60% at current prices.
In contrast to these strong increases, Polygon is down 20% in a month, while it is 62% lower in sixty days, and up 80% since the beginning of the year. Polygon is 18th among cryptocurrencies in terms of market capitalization with $ 4.1 billion.
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Analysts say Polygon Matic price jumped 60% in four days amid a huge backlog of token purchases, while MATIC price is now facing a 20% rise as it reverses head-to-head and undergo shoulder rupture.
According to the data, the sign took a breather from its dominant downward trend, which placed one of the strongest rebounds in the cryptocurrency market this week.
Matic rose to $ 0.50 on June 23, four days after reaching $ 0.317, its lowest level since April 2021, representing a gain of almost 60%, which outperformed Bitcoin and Ethereum in the same time frame.
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The MATIC index is still significantly lower than its December 2021 high of $ 2.92, which coincides with the bear market for cryptocurrencies in general and the hawkish Federal Reserve printing down risky assets.
The data on the Polygon matic is that some of the richest Polygon matic investors are back in token aggregation despite the general downward trend.
According to data provided by Santiment, Polygon matic whales have tended to build up coins in recent sessions, adding a combined 8.7% more to their portfolios since May 9th.
Interestingly, the price of MATIC / USD fell by 50% in the same period, confirming that many whales are confident of their long-term recovery, according to data from the Santiment platform.
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Beware of bulls
Buying whales is not necessarily a bullish signal, as the head-and-shoulders pattern has a failure rate of 16.5%, so higher prices can cause whales to turn the measure around and make short for a quick profit.
This is due to the stricter conditions elsewhere in the cryptocurrency and traditional markets that can lead to false recovery signals.
According to data from CryptoQuant, Matic on crypto exchanges rose from 1.21 billion to 1.37 billion between May 1 and June 23, indicating possible additional sales pressure in the near term.
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Some cryptocurrencies involve blatant fraud and a major fraud that could destroy the fate of those seeking a foothold in the dreamland where they have been catching up with a currency since its inception, perhaps the new Bitcoin.
It is noteworthy that the digital currency market, specifically those new currencies, is also starting at full speed and also declining at full speed as it is a highly volatile high risk market.
So be extremely careful when dealing with cryptocurrencies that can make you rich overnight, and take your money in moments …