MATIC On A Major Rise MATIC: Price: $0.020 | MCAP: $54.8 million | 24-Hr Volume: $63.3 million
Short-term trend: Overbought MATIC continues to rise, up 32 percent on the day, according to data provided by Messari.
The rise can likely be attributed to the announcement on Nov. 18 of an upcoming "action-packed arcade-style racing game" housed in the decentraland metaverse.
Market conditions have hit overbought territory, illustrated by the daily RSI above 70, so expect some profit taking from savvy traders in the short-term, with a pullback to $0.018 (prior resistance). Long-term trend: Bull potential
MATIC has broken its long-term downtrend courtesy of Nov. 25's rise above $0.018, on the back of strong volume that resembles a reversal profile. Caution is warranted however, as a retest and then bounce from the area mentioned above is required for a continuation.
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