MATIC Performance Overview Since Reddit Related News

On July 7, Reddit announced the launch of “Blockchain-Backed Collectible Avatars.” According to the announcement, limited-edition collectible avatars are now “hosted on Polygon” because of the protocol’s “low-cost transactions and long-term commitment.” Following the announcement, the MATIC price trended up, and below is the overall performance of the coin over the past 3 days.
MATIC Performance Overview Since Reddit Related News

MATIC overview for the last 72 hours

MATIC was trading at $0.52 prior to the announcement on July 7. At $0.56 at press time, this altcoin is up 8% in 3 days. Along with that, market capitalization also increased 10% from $4.18 billion on July 7 to $4.52 billion.

Interestingly, during the last 24 hours, the performance seems to be weaker with a drop of almost 4%. Data from CoinMarketCap also reveals a 55% drop in trading volume during the same period.

MATIC Performance Overview Since Reddit Related News
Market capitalization. Source: Santiment

Although MATIC is down slightly over the past 24 hours, the position of the relative strength index (RSI) shows increased accumulation.

At the time of writing, the number is pegged at 55.36. Similarly, on the daily timeframe, the money flow index (MFI) was spotted moving in an upward curve at 57.79. With the MACD marked with green bars over the past few days, investors also look bullish.

MATIC Performance Overview Since Reddit Related News
MATIC price chart. Source: TradingView

What happened on Friday?

An on-chain review of MATIC’s performance over the past 3 days shows that the major indicators have steadily declined since July 8. After the price hit a high of $0.611 during the trading session on July 8, the major indicators also recovered. However, when prices fall, they also fall.

For example, the number of MATIC trading addresses recorded a high of 3582 on July 8. At the time of writing, daily active addresses are at 708 – an 80% increase since Friday.

Similarly, new addresses created on MATIC’s network increased to 1723 on July 8. However, since then it has recorded a decline of 17%.

MATIC Performance Overview Since Reddit Related News
The number of active addresses (gold) and network growth (pink). Source: Santiment

While the price increased on July 8, the number of whale trades also spiked that day. Whale trades above $100,000 increased 27% on July 8. However, it slid south shortly after.

For whale trades over $1 million, the number hit a peak of 121 transactions on July 8. At the time of writing, this number is in 6th place.

image 515
The number of whale trades. Source: Santiment

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news:

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page


CoinCu News

970x90.gif (970×90)