Polygon Price Analysis Points 24% Surge Amid Key Resistance Breakout
Highlights
- The MATIC price witnesses high demand pressure at $0.64 evidenced by the multiple reversals in the daily chart.
- A bullish breakout from the $0.768 barrier will signal a change in the market dynamic from accumulation to a bullish rally.
- The intraday trading volume of the MATIC coin is $713.9 Million, showing a 3.71% loss.
Polygon Price Analysis: MATIC, the native cryptocurrency of polygon blockchain witnessed a renewed demand pressure since mid-May showcasing a V-shaped reversal from $0.643. This recovery uplifted the asset value by 11.8% to currently trade at $0.718. The bullish momentum in the crypto market is accelerated by the market excitement towards potential approval of Spot ETH ETF blistering further recovery in the sector.
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Over the past six weeks, the price of Polygon (MATIC) has been oscillating between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times off both levels, suggesting a lack of dominance from buyers and sellers. However, a closer examination of the daily chart reveals a formation of higher lows through candle wicks, which indicates a gradual increase in buyer influence over the asset.
Additionally, the broader cryptocurrency market has experienced a surge in buying momentum this week, primarily driven by the expected approval of Ethereum ETFs by the SEC. This has favorably impacted MATIC’s price, positioning it to potentially breach the $0.768 resistance level.
A successful breakout, confirmed by a daily candle closing above this level, could unleash build-up bullish momentum and pave the way for a significant upward move. Should the MATIC price break out successfully, it could surpass the $0.85 mark and aim for $0.95, potentially yielding a gain of 24%.
However, it’s important to note that on the weekly chart, MATIC is forming a symmetrical triangle, suggesting that the broader trend may remain sideways. Nonetheless, a decisive breakout above the triangle’s upper boundary would be crucial in confirming a major bullish trend.
Technical Indicator
- BB indicator: The flattish trend of the Bollinger band indicator accentuates a neutral sentiment among market participants.
- Relative Strength Index: The rising RSI slope in the daily chart indicates the increasing buying pressure for MATIC at $0.64 dip.
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