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Will MATIC reach its all-time high after the most recent rally?



The cryptocurrency market is still below its all-time high, but some coins have since done brilliantly.

The broader crypto market has been on a bearish trend for the past three weeks. Most coin prices have fallen from their all-time highs as the market has pulled back from its excellent start to November.

MATIC, the native token of the Polygon ecosystem, has grown by more than 10% in the past 24 hours. The rally came despite the broader cryptocurrency trading moving in the red. The rally was fueled by the fact that an Exchange Traded Product (ETP) from Polygon was listed on the Euronext stock exchanges in Paris and Amsterdam.

21Shares is one of the leading ETP issuers for cryptocurrencies and yesterday listed the product linked to Polygon. This has resulted in MATIC increasing by more than 10% in the past 24 hours. The coin could rise higher in the coming hours if it maintains its current momentum.

An overview of important levels

The MATIC / USD 4-hour chart is one of the most bullish among the top 20 coins by market cap. In the past 24 hours, MATIC's price has risen by more than 10%, outperforming the other leading cryptocurrencies.

The MACD line is above the neutral zone, indicating strong bullish performance. The RSI of 63 shows that MATIC is currently moving into overbought territory. The technical indicators show strong bullish tendencies and that the price of the coin could rise.

If MATIC maintains its current momentum, it could break the initial resistance point at USD 2.19 in the next few hours. An extended rally in the cryptocurrency is likely to cause the price to cross the $ 2.4 mark before the end of the day.

Despite its recent rally, MATIC would need the support of the broader cryptocurrency market if it plans to hit its all-time high of $ 3 and climb even higher in the hours and days ahead.

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