Polygon (MATIC) has been trading in a range between $0.72 and $1.03 since mid-July.
A series of ragne lows then triggered a positive reaction, placing the cryptocurrency's next goal at $1.05.
Polygon (MATIC) is edging closer to $1, however bulls may take a break. MATIC was trading at $0.9300, having reached intraday highs of $0.9590 at the time of writing.
MATIC had already broken the market structure to bullishness shortly before the aforementioned pump, thus it already had a bullish view. Following the bullish sentiment of the previous two weeks, MATIC bulls were expected to have more fuel in their tanks.
The price of polygon (MATIC) has retraced on its chart as the overall market has already shown volatility. However, in the previous 24 hours, the currency has increased by 2.50%. MATIC has gained nearly 18% in the previous week, pushing prices above multiple price ceilings. On the one-day chart, the cryptocurrency is trading sideways, but the coin remains bullish.
The coin's technical outlook has stayed bullish, as demand for the cryptocurrency has increased in the last day. Polygon is still one of the cryptocurrencies which charts show the presence of bulls. If Polygon price is to maintain its bullish price momentum, it must trade over the $0.9700 threshold.
The Fibonacci retracement (Fib) figure of 78.6% indicates that MATIC's price was rejected as it attempted to break above this crucial point. The $0.96 price correlates to a Fib value of 78.6%. If MATIC closes above this level, the price might rise to $1 and potentially $1.5.
The Relative Strength Index was positive and climbed above the 60-point threshold, suggesting that buyers continue to outweigh sellers significantly. Polygon's price was above the 20, 50, 100, and 200 SMA lines, indicating that demand for the cryptocurrency has increased and purchasers have continued to push market price momentum.
MACD approved the bulls by displaying green histograms, which were the altcoin's buy signal. The price action's strength is also shown by the parabolic SAR. The dotted lines were lower than the price candlesticks, indicating that MATIC might see an uptrend in the coming trading sessions.
According to Price Analysis, this MATIC's market capitalization is expected to be $8,126,185,405. The coin's 24-hour trading volume is around $414,794,573. The market capitalization of MATIC has increased by 2.52%. During intraday trading, however, transaction volume fell by 13.63%.
On the upside, an immediate resistance level is around $0.9500. The first significant barrier is forming at the $0.9700 level. The $1.000 level is now the key point of resistance. If the price breaks through the resistance levels of $0.9700 and $1.0000, it may begin a quick rise. In the scenario shown, the price might rise quickly towards $1.1200.
If the MATIC price fails to move beyond $0.9500, it may begin to fall. On the downside, the 50 day hourly moving average and $0.9200 provide immediate support. Between $0.8900 and the hourly 200 simple moving average is the major support level. A breach below $0.8700 might signal the beginning of a fresh drop towards $0.8500. The next important level is around $0.8300.
KEY LEVELS :
RESISTANCE LEVEL : $0.9600-$0.9950
SUPPORT LEVEL : $0.9100-$0.8800
Over the last two weeks, MATIC has been bullish. The rise of the range lows created a positive reaction, and the $1.05 zone was the next target. Can bulls hit this target, and can they go much higher?
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