Polygon (MATIC): Bulls Ready to Battle $2.5 ATH Resistance

The Polygon chart displays steady technical upsurges with new higher lows and highs. The previous 24hrs saw the alt gaining 10% and tried to break past an all-time high resistance level at $2.5. MATIC will witness a massive bullish rally if it reclaims this zone.

Vital Technical Points

  • 100-day exponential moving average (EMA) offers reliable dynamic support for MATIC’s price.
  • The daily RSI actions struggle to match the bullish price push.
  • Polygon’s 24hr trading volume gained 43.1% to $3.05 Billion.

Polygon has resonated in a climbing parallel channel formation. The increasing bullish action by the alt has pushed the pattern’s support trend-line higher. On December 14, MATIC bounced off the lower trend-line, forming a lucrative V-shaped recovery. The price has gained 45%and seems ready to battle the all-time resistance at $2.5.

The critical EMA (20-50-100 and 200) shows a bullish trend in MATIC’s price. Furthermore, the asset secured dynamic support floor at 100 exponential moving average lines. The daily RSI presents a bullish sentiment by market participants. Nevertheless, the Relative Strength Index lagged up than price actions.

MATIC/USD 4Hr Chart

MATIC price offers a significant break from the ascending trend-line and critical horizontal resistance. If MATIC stabilizes past these price levels, Polygon enthusiasts might anticipate a massive rally from this crypto.

The traditional pivot indicates impressive confluence with the technical chart price function, suggesting possible overhead resistance. According to these exponential moving averages, the closest resistance zone is $2.8, then $3.2.

The Moving Average Convergence Divergence (MADC) on the 4hr Chart indicates the fast and slow lines are rising towards the bullish zone.

For now, Polygon bulls appear ready to conquer the ATH resistance at $2.5. The altcoin maintained a bearish over the past day, reflecting bullishness in the entire market. MATIC has to maintain its upward stance to clear the road to new record highs. Nevertheless, Polygon will rely on broad market sentiment for the upcoming sessions.

While publishing this blog, Bitcoin trades at $48,876.8 after riding bullish waves over the past day. However, the crypto seems weak to conquer the $50,000 hurdle as it jumped to $49,000 before retracing. Bitcoin’s steady upward moves will support bullishness in the market, triggering stable upswings in MATIC.

By Edward Harris
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