The Crypto Market Landscape
With the market leader, Bitcoin, achieving its major milestone of $56,000, top altcoins have displayed a significant uptrend in their respective portfolios with Ethereum price achieving the $3,200 mark.
Polygon’s Recent Surge
On the other hand, the MATIC price has added approximately 10% within the past day and has cumulatively added over 40% over the past 30 days, indicating a strong bullish influence in the crypto industry.
Polygon Token Reclaims $1 Mark!
The Polygon (MATIC) price displayed a neutral trend by trending in a closed range between $0.7633 and $0.8206 for over a week. As the market volatility grew, the bulls successfully broke out of the resistance level.
However, it failed to break out of its resistance level at $0.9002, resulting in it trading within the range for the next nine days.
Following this, the bulls regained momentum and recorded a jump of 13.7% over the next three days, after which the price traded in a consolidated range between $0.9002 and $1.0234 for a brief period.
Recently, the bulls recorded a jump of 9% within the past few hours, resulting in it achieving its $1 mark. Since then, the price has been displaying a neutral trend.
Technical Indicators and Predictions
The technical indicator, MACD, displays a constant green histogram, indicating a strong bullish influence in the crypto market. Further, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.
Future Scenarios for MATIC Price
If the bulls continue to gain power, the MATIC price will continue to gain momentum and test its resistance level of $1.079. Maintaining the price at that level will set the stage for Polygon to attempt to test its upper resistance level of $1.1502 in the coming time.
Conversely, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $1.0234. Moreover, if the bears continue to hold power over the bulls, they will plunge and prepare to test their lower support level of $0.9586 in the upcoming weeks.
