The Crypto Market Overview
The crypto market experienced a consolidated weekend as major cryptocurrencies traded sideways. However, the week started trading in the red as the market recorded a correction of approximately 3.5% within the past two days.
Polygon Token Gains Momentum
On the positive side, Layer-2’s Polygon token gained significant momentum following reports of its leadership in the gaming sector. MATIC price recorded a gain of over 10%, making it one of the top gainers within the past day. Moreover, the upcoming Polygon’s “POL” upgrade is around the corner, expected to play an important role in the forthcoming prolonged bull run.
November Performance of Polygon Price
Polygon price started trading in November on a positive note as the price gained over 50% in value within the first half of the month, jumping from $0.6287 to $0.9471. Following the surge, the MATIC token broke out of multiple resistance levels, but the price experienced a minor correction at $0.7408.
Following this, the price regained momentum but was later rejected at $0.8620, after which the price was seen trading sideways. Recently, the Polygon token experienced a bullish momentum, resulting in the price breaking out of its upper level, and the price has been hovering around the resistance/support level of $0.9349 since.
Technical Analysis with MACD
The MACD displays a massive price action as the price has experienced constant volatility. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming days.
Will MATIC Price Reclaim $1 Soon?
If the bulls continue to gain momentum and push the price above the resistance level of $0.9640, the MATIC price will regain momentum and prepare to test its upper resistance level of $1.
Maintaining the price at that level will set the stage for the MATIC token to attempt to test its resistance level of $1.20 by the year-end.
Conversely, if the bears overpower the bulls and the price falls below the support level of $0.9349, the price will lose momentum and fall to test its lower support level of $0.8620 soon.
Moreover, if the bears maintain their hold over the market, Polygon will experience a plunge in its value and prepare to test its crucial support level of $0.8030 in the coming days.