Matic network skyrockets by 160 percent over the past two weeks and the MATIC token is among the strongest performers on the market after getting listed on another exchange as we are reported in our previous altcoin news.
Matic is right now trading at around $0.03 which seemed before as an unlikely event especially a week ago. Back on November 22, MATIC increased its monthly low at $0.012 and the surge that followed was hard to anticipate but the price did, however, gained more than $160 in the previous two weeks. It’s also worth noting that MATIC reached its all-time high on May 21st at $0.045 so now it is interesting if the gap could even be closed in case the surge continues. Matic also gained a lot of amount against bitcoin and in the past 11 days, MATIC went from 177 SAT to 407 SAT. This represents a total price increase of about 130 percent against Bitcoin.
This action also allowed MATIC to become the 59th largest project thanks to the increased market capitalization of more than $79 million. The increased interest in staking in the crypto world means that more projects are going for the proof-of-stake algorithm so Matic Network skyrockets after the new announcement that the company could be heading the same way. As a result, about 12 percent of the 10 billion tokens will be reportedly relocated to fund staking rewards that the users will receive.
The staking initiative of the Matic Network is called Counter Stake and its initial stage is already uploaded online. Some of the other news from the company include involvement in some of the most popular games. For example, a partnership with the popular decentralized application platform ended up launching a game yesterday. Also, the crypto exchange and lending platform WhiteBit listed the MATIC token thus continuing the strong run that the company has been stuck upon lately.
As previously reported, what’s interesting is that MATIC managed to break back into a big range. In this regards, defining support and resistance levels can be quite simple for the cryptocurrency. From this perspective, we can see that if something like this occurs- MATIC will aim for a potential long entry at the 265 Satoshis zone. This would signal that new targets and resistances are here. The range high is now structured through 350 and 400 Satoshis.
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