Key Insights:

• MATIC soars, propelled by Bitcoin’s surge and Polygon’s global acknowledgement.
• With heightened investor confidence, a strong bullish trend is seen in the MATIC market.
• Potent technical indicators suggest a promising future for MATIC amidst increasing buying pressure.

MATIC, Polygon’s native token, has seen a substantial surge in the past day, soaring from $0.6407 to a one-week high of $0.6992.

This commendable surge can be attributed to two factors. First, Bitcoin’s stunning achievement of a 6-week high, settling at $30,737.33, has had a spillover effect. Secondly, Polygon Labs has made a name for itself in the global corporate scene, ranked among the top 100 notable firms globally in 2023.

Surreal to see @0xPolygonLabs listed as one of the 100 most influential Companies in the world for 2023.

Polygon labs is committed to work for the mission of @0xPolygon protocol, to create "The value layer of the internet".

The real journey of Polygon ecosystem has just begun… pic.twitter.com/ZQbie5ty6U

— Sandeep Nailwal | sandeep. polygon ? (@sandeepnailwal) June 21, 2023

At the time of reporting, the bullish sentiment continues to control the MATIC market, leading to an increase of 5.78% and a value of $0.689.

In addition, Polygon Labs’ recognition among leading global corporations has amplified investor confidence in its native token, MATIC. Consequently, there has been a surge in Polygon’s market cap and 24-hour trading volume, climbing by 5.78% and 23.50% to hit figures of $6,398,673,202 and $417,893,228, respectively.

MATIC/USD 24-hour price chart (source: CoinMarketCap)

The Relative Strength Index (RSI) reading of 76.40 on the MATIC/USD pricing graph signifies a potent bullish force in the market. This rating suggests purchasing power dominates, and the demand for MATIC/USD is robust. Nonetheless, investors should tread carefully as the RSI nears its overbought threshold of 80.

The MACD indicator’s blue line surges past its signal line, entering a positive domain with a value of 0.018, fueling an overall positive sentiment. This action on the MACD front points to a potential upward trend in the price of MATIC/USD.

When the blue line ascends above the signal line, it creates a bullish impression. This suggests that the purchasing momentum is accumulating, hinting towards the possibility of further increments in price.

MATIC/USD 4-hour price chart (source: TradingView)

When an Average Directional Index (ADX) score surpasses the 25 mark, it typically signifies a potent trend. In contrast, a score falling under 20 usually points to a market in a consolidation or fluctuating state. This context implies that the ADX score of 27.03 for the MATIC/USD market indicates heightened bullish activity.

A Chaikin Money Flow (CMF) score of 0.28 corroborates the increasing buying pressure, indicating a positive sentiment. This CMF score and its inclination towards the positive spectrum imply an influx of capital. This is a beneficial indication for participants in the investment sphere.

MATIC/USD 4-hour price chart (source: TradingView)

Conclusion

To sum up, the remarkable ascent of MATIC, combined with Polygon’s acknowledgement, points towards an optimistic market trend that exhibits robust faith from investors and harbours prospects for additional price enhancements.