The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Why MATIC needs Ethereum to pump, now more than ever

by Miki 10/17/2021
by Miki 10/17/2021 0 comment

A host of coins followed Bitcoin’s footsteps and rallied along with it yesterday. However, when the king-coin’s price took a break and started “chilling” around $62k, most of the alts stepped back.

Nevertheless, MATIC remained the only alt [apart from NU] from the top 100 that continued to reflect double-digit 24-hour appreciation numbers even at the time of writing.

After witnessing its own share of consolidation over the last few months, MATIC finally flipped its “consolidation” narrative yesterday by registering a massive green candle on its price chart. After opening at $1.2 Friday, MATIC managed to close around $1.6 – a level last seen on 7 September.

The Ethereum-MATIC bond

MATIC has followed Ethereum’s footsteps during most uptrend/downtrend phases. Consider this – In May, when Ethereum was creating new highs on a daily basis, MATIC rallied by 350% [from $0.6 to over $2.7] in just two week’s time. Notably, during that same period, Bitcoin was trending lower on its price chart.

Ethereum has, however, managed to note a surge of less than 1% over the past day. So, one may argue that the relationship that MATIC shares with ETH is gradually fading away.

Even though the aforementioned argument might seem to be true for now, it should be noted that it wouldn’t hold water in the long run.

The X factor

The recent listing of MATIC on South Korean exchange Upbit managed to trigger the alt’s surge this time. In just the past 24-hours, MATIC recorded a trading volume of $1,870,086,050 – equivalent to 28.73% of the exchange’s total volume.

Tokens aren’t listed on exchanged on a daily basis. But whenever they are, they end up nurturing any asset’s price. Thus, without this event, MATIC’s price wouldn’t have been able to make such high strides in such a short duration.

Eventually, the cumulative withdrawal transactions [from exchanges] recorded a 4-month high yesterday and the reading of this metric surpassed 13k. For context, a spike in withdrawal transactions implies that the accumulation trend is in play, while a drop indicates the opposite.

The surge was, nevertheless, short-lived and the aforementioned level couldn’t sustain for long. The chart attached below clearly highlights how the transaction count witnessed a free-fall. In fact, at the time of writing, the same was back to its 6-month low levels.

Withdrawal Transactions – MATIC || Source: Santiment

Fundamentals

However, the price DAA divergence has been rising of late. As per Santiment’s chart, it has been projecting a strong bullish signal since the end of last month.

This model, as such, tracks the relationship between the coin’s price and the amount of daily active addresses interacting with the coin. A buy signal is indicated with the DAA divergence increases alongside the price. Conversely, when the active addresses decline during a price hike phase, selling pressure is induced.

MATIC being able to maintain its bullish streak on this chart, only indicates the healthy state of the active addresses. In effect, the environment is fairly favorable to sustain MATIC’s rally.

Price DAA Divergence – MATIC | Source: Santiment

Footnote

The Upbit hype would eventually fade away with time, but the token’s fundamentals and its relationship with Ethereum would continue having an imposing impact on its price.

Thus, if Ethereum rallies from this point on, MATIC’s price can be expected to move alongside. The ripple effects of the same would cause the exchange withdrawals to register another uptick and the accumulation narrative would re-gain steam.

However, if that doesn’t happen, MATIC’s price-rise phase might end up being momentary.

Source link

Views: 6
EthereumMaticPump
Share
0
FacebookTwitterPinterestEmail
previous post
Bearish Divergence Signal On the Weekly May Cool off Intraday Longs
next post
Can Dogecoin and Other Memecoins Remain Bullish in the Crypto Market? By CoinQuora

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • The Pavilion becomes world’s first hospitality franchise to accept cryptocurrencies

  • Former US President Trump Calls Bitcoin a Rip-off

  • Bitcoin (BTC) Whales Care A Little About China’s Crypto Ban, Accumulation Increases

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,020.00-4.47%
  • ethereumEthereum(ETH)$1,934.62-6.39%
  • tetherTether(USDT)$1.00-0.19%
  • binancecoinBNB(BNB)$317.58-4.32%
  • usd-coinUSD Coin(USDC)$1.00-0.36%
  • rippleXRP(XRP)$0.398832-6.20%
  • Binance USDBinance USD(BUSD)$1.00-0.16%
  • cardanoCardano(ADA)$0.50-8.02%
  • SolanaSolana(SOL)$48.37-9.52%
  • dogecoinDogecoin(DOGE)$0.081562-6.91%
  • polkadotPolkadot(DOT)$9.76-7.58%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,955.00-4.64%
  • Lido Staked EtherLido Staked Ether(STETH)$1,892.05-6.50%
  • tronTRON(TRX)$0.0813236.83%
  • AvalancheAvalanche(AVAX)$27.50-12.99%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-6.25%
  • daiDai(DAI)$1.000.02%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$67.92-6.76%
  • LADZLADZ(LADZ)$0.0686894.36%
  • CronosCronos(CRO)$0.182687-8.03%
  • leo-tokenLEO Token(LEO)$4.86-0.86%
  • matic-networkPolygon(MATIC)$0.62-10.02%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$29.01-6.09%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.69-10.05%
  • RareRare(RARE)$0.0461220.00%
  • bitcoin-cashBitcoin Cash(BCH)$188.00-7.45%
  • moneroMonero(XMR)$191.89-1.90%