Why MATIC Could Potentially See Pullback or Retracement

Polygon (MATIC) experienced a surge in price over the last 24 hours, according to crypto market tracker CoinMarketCap. At the time of writing, MATIC has posted 15.45% gains over the last 24 hours, which has added to its positive weekly performance. The coin is currently up 23.29% over the past seven days.

Recent data released by blockchain analysis firm Santiment indicates that average traders are more than 28% up on MATIC over the last 30 days. This is the highest level since October 2021.

As can be seen from the Santiment chart above, trading returns have ballooned on post-CPI (Consumer Price Index) data reports.  

The surge in MATIC’s price is a reaction to the recent (CPI) data release. With this in mind, a pullback in MATIC’s price should be expected as the cost of living has risen and people have less money to invest and trade with.

Average traders will also look to take profit, which further corroborates the idea that MATIC’s price movement will cool down and potentially retrace.

MATIC’s recent 24-hour price movement has seen its price rise to $0.6377 at the time of writing. In addition to its price rise, MATIC has also strengthened against BTC and ETH by 12.64% and 10.91%, respectively. Currently, 1 MATIC is worth 0.00003183 BTC or 0.0005779 ETH.

Another statistic in the green for MATIC is its 24-hour trading volume which has surpassed 100% to take the total 24-hour trading volume to $1,242,831,360.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.