While the top coins continue to show steady trends and the Midcap altcoins have recently gained enormous traction, the market has been exhibiting conflicting emotions. In addition, October ended on a bright note, with the value of Bitcoin rising by more than 28%.
While the MATIC token has increased in value by more than 24% this month, the price of Polygon has also seen notable rises. In addition, the token's value has increased as a result of its recent surge in popularity. Why, though, is MATIC Price pounding so hard?

Why Is the Price of Polygon Rising?
Over 17% more whale transactions using MATIC tokens have been made in the last week. The interchange flow of the Polygon Network has increased by 495%, showing a significant shift in its volume.
The possibility of a long-term future for the MATIC price is shown by the increase in whale accumulation.
Following its announcement that Polygon would be upgrading the MATIC token soon, the company has drawn a lot of attention. News of Polygon Labs' new sibling coin, "POL," successfully becoming live on the Ethereum mainnet was just released.
The Polygon Network's principal currency at the moment is MATIC coin. The POL token is anticipated to displace the MATIC gas token in the near future, which caused the coin to first lose nearly 5% of its value. Additionally, the POL token's developers intend to turn it become a single-use cryptocurrency for all of their Polygon-based platforms, which will cause the price to begin rising.
Price Analysis for MATIC
Trading View: USDT/MATIC
Since the beginning of October, the price of the Polygon token has been moving in a confined range between $0.5510 and $0.5791. After that, the price underwent a Death Cross and broke through the support level.
For a week, the MATIC coin was moving within a narrow band of $0.5239 to $0.5510. The price surged further after the market pump, breaking through its critical resistance level at $0.5791.
At $0.6550, the MATIC pricing was turned down. The bears then succeeded in pulling back the price, despite the bulls' continuous attempts to break out with the coin. The price has been fluctuating between $0.6095 and $0.6550 ever since.
For nearly a week, the RSI shows that average prices have been steadily hovering around the midpoint, a sign of rising market volatility. The chart also suggests that there may be a bullish convergence in the near future, indicating that there will likely be significant buying and selling power in the market.
Will the Price of MATIC Reach $0.700 This Week?
The MATIC price will quickly regain momentum and move toward its upper resistance of $0.700 if the Layer-2 bulls are successful in pushing the price above its resistance level of $0.6550.
Furthermore, the market will increase and test its resistance level of $0.748 in the upcoming days if it trades under a favorable influence.
On the other hand, the coin will lose momentum and shortly test its support level of $0.6095 if the bears regain control and there is a price drop. Furthermore, the market will get ready to keep falling and test its lower support level of $0.5791 in the upcoming week if the bears maintain their dominance.
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