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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.
Also Read: Breaking: WisdomTree Secures FCA Approval To List Bitcoin, Ether ETPs On LSE
Ethereum Leads Bullish Sentiment In Altcoins as SEC ETF Approval Looms
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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