Among the top fifteen cryptocurrencies, Polygon (MATIC), which ranks 11th in the global crypto markets, outperforms top-level coins such as Bitcoin (BTC) and Ethereum (ETH) on the weekly chart.
Polygon’s MATIC is in the lead with over 11.3% gain in the last seven days as well as 7.7% over the previous 24 hours, according to the data from CoinGecko.
In addition, Currently, Polygon’s token is trading at $0.893304. Over the course of the previous week, its price has gone up steadily. For a few days now, it has been consolidating between $0.83 and $0.88.
The token price reached its resistance point of $0.90 yesterday before quickly falling and closing at $0.8998 for the day. However, after passing the resistance line, the price might rise to $0.94 and then to $1.02 the following week.
Furthermore, the primary factor driving MATIC’s price might be the last week’s announcement that “Polygon Crosses 53,000 DApps Mark in a Major Adoption Milestone,”
Per the post, Alchemy, the top Web3 development platform in the world, reported that at the end of September, Polygon became the home to more than 53,000 dApps, “an increase of over 60% since June and almost an eightfold jump from the start of the year.”
Bitcoin (BTC) and Ethereum (ETH) Weekly Analysis
Bitcoin closes off another week with an attempt to break the $20 barrier. Throughout the week, the price floated within the $18,000 and $19,000 marks. However, the weekly price chart did not indicate any increase, and during the last seven days, the token price has decreased by 0.1%.
BTC’s price saw a bearish pullback yesterday after being rejected at the $19,600 barrier level, and the token is currently trading at $19,278.40, turning green.
Because the price of BTC has remained constant within a narrow range of $19K-$20K for several weeks, it cannot make a decisive move in either direction.
Nevertheless, BTC will likely suffer significant price volatility in the upcoming months, according to a recent poll by The Finder that was published last week. The report also forecasts that BTC will end the year at about $21,300. But even so, this implies an 11% rise over current prices.
In contrast, the data from CoinGecko showed that Ethereum (ETH), the second largest coin by market cap, had a substantial week against Bitcoin. The token gained about 2.5% over seven days.
The token currently trades at $1,339.58, with almost a 2% gain over the last 24 hours. In addition, ETH was trading close to a three-week high today after hitting its key resistance level.
Despite today’s increase, Ethereum (ETH) continues to trade in a wide range, building up strength for a future rapid move. The limited volume further supports the fact that none of the sides are prepared at this time. Only if the rate crosses the $1,400 threshold and fixes above it with no or few wicks may the midterm bull run occur.
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