The MATIC Price Surge Amidst Bitcoin Struggles
As Bitcoin faces challenges in surpassing the $38,000 barrier, a pullback phase slows momentum in the altcoins market. Surprisingly, MATIC’s price continues to rise, approaching the psychological mark of $1.
Driving the year-to-date growth to 26%, the Polygon chart reveals a trend reversal, providing new entry points for sideline buyers. Reclaiming the $1 post could further improve MATIC price predictions and indicate a long-term uptrend.
Recent Performance and Demand Surge
Experiencing a significant surge in demand over the last few weeks, MATIC’s price has surged by 87% in the last 26 days. Bouncing back from the $0.50 mark, intraday trading volumes have skyrocketed, supporting the bullish reversal.
Price Action Analysis and Momentum
The price action analysis highlights a rounding bottom breakout in the 1D chart as the uptrend surpasses the $0.85 supply zone. Following the breakout, the momentum continues to grow as the uptrend reaches $0.93, signaling positive sentiments on the rise.
Currently, the MATIC price trades at $0.93 with an intraday growth of 5.80%, reflecting a strong bullish momentum. The intraday jump forms a bullish engulfing candle, teasing a potential rally above the $1 mark.
Technical Indicators
- RSI Indicator: The daily RSI line continues to hover in the bullish overbought zone, standing at 78%, showcasing solid bullish momentum.
- EMA Indicator: The declining gap between the 50D and 200D EMA projects a high possibility of a bullish reversal.
MATIC Price Projection Beyond $1
If the overall market recovery sustains its journey, blue-chip altcoins could surpass their previous All-time Highs. For Polygon, crossing the $1 mark signals a trend reversal and potential prolongation of the uptrend.
The uptrend beyond $1 teases a 20% bull run to the overhead supply zone at $1.20. In the long term, MATIC’s price could surpass the 52W high of $1.56.
Conversely, a reversal before reaching $1 could lead to a drop in MATIC’s price to the $0.80 mark.
