MATIC price has reached $1.17: will the correlation with ETH continue?
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#MATIC price has reached $1.17: will the correlation with #ETH continue?
The number of active addresses using MATIC has increased over the past month, indicating high activity on the network and the potential for price appreciation.
MATIC's correlation with #Ethereum remains high, indicating that positive movement in Ethereum could lead to MATIC's growth.
Technical indicators point to a target price of USD 1.24 for MATIC provided current support levels hold.
MATIC price has reached USD 1.17: will the correlation with ETH continue?
The value proposition for MATIC is gaining momentum as the number of active addresses is steadily increasing and the correlation with Ethereum paints a bullish picture. Could this signal the start of a price rally, and if so, could it rise to the $1.24 threshold?
This analysis looks at indicators that predict MATIC's potential trajectory and uses data to uncover the story.
MATIC's active addresses are up nearly 60% over the past 30 days. Historically, there has been a strong correlation between active address growth and prices, as shown in the chart below.
On February 6, there were 10,439 active addresses. On March 3, that number rose to 15,708. Prices followed suit, rising 37.35% from $0.83 to $1.14 over the same period.
Matic hasn't touched the $1.14 price level since April 2023.
Despite the marked increase in active addresses and prices over the past month, things are starting to stagnate. Based on historical data, the cessation of active address growth is often preceded by a period of price stability or potential correction.
Based on this pattern, we can expect MATIC prices to follow suit and may enter a consolidation phase or correct downward in the near future.
MATIC price prediction: can it reach the $1.
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