- The previous week had MATIC’s price climbing by around 15%.
- The 200 MA has held MATIC for almost one month.
- Bulls have to overcome $1.70 to confirm a massive price surge.
Polygon (MATIC) has seen average price performance since last month. Though most crypto coins have increased towards their previous record highs, MATIC remains 75% away from its record peak. Meanwhile, the total cryptocurrency market has seen impressive sessions over the last month. Most crypto assets gained 100-200% from the 20 July lows. Polygon provides a network for infrastructure development and Ethereum scaling.
Analysts believe that MATIC will maintain its top 20 spots and surge higher if BTC remains bullish. However, that will require a broader market rally.
Since 21 July, MATIC has traded over a mid-term support trend-line. Keep in mind that the token has bounced explosively each time it hit this trend. That shows that the Polygon market maintains massive bullishness. The last time Polygon bounced off the trend-line, it surged past the nearly 4-month downtrend level.
While writing this content, MATIC retested the trend-line, and it is moving to the massive resistance at $1.63 to $1.70. If the altcoin manages to overcome and maintain this level, MATIC might climb towards $1.88 and above to $2.
As much as Polygon broke out of the four-month downtrend, it might not be a massive breakout for extended upsurges. If the token fails to overpower its critical resistance and plunge beneath its trend-line, MATIC might move towards the $1.52 price level. Meanwhile, failure to hold this zone will have the crypto dipping towards the mid-term support line. Besides the trend-line, the 200 MA has held MATIC for more than one month. Any plunge beneath this Moving Average will translate to bearishness dominating the MATIC market.
The Stochastic Relative Strength Indicators show that MATIC strength tried to break towards the overbought territory before facing rejection quickly. If the token succeeds in entering the overbought area, MATIC will crack the critical resistance. Meanwhile, moves beneath the 80-mark will put MATIC in price retracements. On the other hand, the MACD appears to be neutral.
- Spot rate – $1.64
- Trend – sideways
- Volatility – medium
- Support – $1.52
- Resistance – $1.70