As March concludes, Bitcoin has yet to reclaim its all-time high, leaving altcoins cautious about their own peaks. Despite this, investor sentiment is shifting positively as April approaches, potentially signaling a more favorable trend. MATIC Coin, in particular, is drawing attention due to recent developments in network activity and technical indicators.
Surge in Network Engagement
A surge in the number of active addresses using MATIC Coin has sparked increased interest in the asset. The altcoin’s recovery trajectory, despite a recent price dip, is garnering appetite among investors. Currently trading just shy of $1, MATIC Coin has experienced only a marginal decrease today.
On March 14, MATIC Coin’s value spiked to $1.27 as active addresses on the network swelled to 3,301, a high not seen since February 2023. The surge in network engagement was reminiscent of the traction gained by the zero-knowledge proof network narrative earlier in the year.
Indicators Point to Positive Momentum
The relationship between active addresses and MATIC Coin’s price seems apparent. Although the active addresses dipped to 2,550 by March 24, cooling the price, they rebounded to 3,069 by March 28. Moreover, a rise in the Daily Active Addresses 7D Moving Average suggests a potential trend of increasing engagement.
Bolstering the budding confidence, the Relative Strength Index (RSI) has settled around 59, hinting at a consolidation phase with potential for growth. As daily active addresses climb, the RSI’s room for increase may fuel further optimism for MATIC’s price trajectory.
MATIC Coin is holding steady in the $0.90 to $0.95 range, maintaining these levels through its consolidation. This stability could foreshadow a rebound, with the price eyeing resistance levels at $1.17 and $1.30. Compared to other altcoins like SHIB and DOGE, MATIC has fared better, and expectations for April, coupled with a positive general market outlook, suggest that MATIC could see a significant uptick in interest concurrent with Bitcoin’s potential climb.