July 24, 2024

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Polygon (MATIC) Eyes $1 After Successful Breakout; Will Bulls Push For A Retest?

2 min read
Polygon (MATIC) Eyes  After Successful Breakout; Will Bulls Push For A Retest?
  • MATIC’s price shows strength as price bounced off from $0.76 with good volume with eyes set to reclaim $1. 
  • MATIC breaks out of a downtrend as the price resumes a bullish structure. 

The price of Polygon (MATIC) has remained strong despite the market uncertainties that have affected the price of many altcoins in recent weeks. Polygon (MATIC) has held strong, defending its support as the price is set for a major rally. The price of Bitcoin (BTC) showed strength bouncing off from its low of $19,100 to $19,600 as the price attempted a breakout to $20,000. A successful breakout will mean relief bounces for most crypto assets in the market. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the polygon network, this has attracted the attention of traders and investors as they look for every opportunity to stack up MATIC.

The bear market has had a fair share on the price of MATIC, as the price of MATIC dropped to a weekly low of $0.35 with what seems to be a demand zone where the price bounced off this region to rally to $1.

The price of MATIC was rejected from $1 despite showing great strength to break and close above this resistance. The rejection of MATIC from this region has led to the price decline to its weekly support of $0.76.

MATIC’s price held this support of $0.76 strong to avoid a sell-off, as this would be a good area for bulls to push the price higher.

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.76.

Price Analysis Of MATIC On The Daily (1D) Chart

In the daily timeframe, the price of MATIC continues to trade below its key resistance at $1, despite breaking out from its downtrend after the price formed a descending triangle, with the price holding off from its support.  

The price of MATIC has shown strength, as the price ranged in a descending triangle to build more buy orders; the price broke out with strong volume and traded above 50 EMA. The price corresponds to $0.8, which acts as a support for the MATIC price. If the price of MATIC reclaims 200 EMA, we could see more price action to a region of $1-$1.2.

The Relative Strength Index (RSI) for MATIC price on the daily timeframe looks good after rallying from an oversold region, indicating good buy volume for MATIC.

Daily resistance for the MATIC price – $0.92-$1.

Daily support for the MATIC price – $0.76.

Featured Image From cryptonomist, Charts From Tradingview