On May 23, MATIC token is trading at $0.029 on Binance exchange with an astonishing trading volume of more than 29,000 BTC’s. Dapp Life was the first to report on this phenomenal growth of MATIC token just a week ago, and the story was picked up by many in the crypto news media.
Despite the speculations of MATIC token being listed on Coinbase exchange, a plain technical analysis could give a glimpse of what’s yet to come, to this headline-making token, that seems to be the first token to signal a new beginning of the altcoins season. Although the recent bull rally of the MATIC token is ragarded as “pump”, it seems that the cryptocurrency is showing no signs of “dumping”. Quite opposite, the trading volume keeps increasing day by day, and as of May 23, MATIC token’s trading volume is almost as twice as high as the one recorded on BNB/BTC pair.
Crypto trader “imBagsy”, suggest that MATIC token is gearing up towards 450 sats resistance line, which is a reasonable trade point, considering the current price of the token. However if that resistance will be broken, MATIC token could revisit and even break the previous highs of 500-550 sats.