Polygon Bulls Show Strength as MATIC Price En Route to $1

Polygon Bulls Show Strength as MATIC Price En Route to $1
  • Polygon (MATIC) price is faring considerably well despite the crypto market taking a huge blow.
  • MATIC may reach $1 in the next couple of weeks, although bulls would have to defend their position.
  • MATIC’s downtrend stretching from late 2021 is already over.

Despite the crypto market suffering another huge blow that caused many liquidations, Polygon (MATIC) is faring considerably well. In fact, it may stage a return to the $1 ceiling soon.

At the time of writing, MATIC price is at $0.84, according to CoinGecko. This translates to a 24-hour gain of 3.5%. In addition, MATIC price is up 1% in the last 7 days. On the other hand, most cryptocurrencies including Bitcoin and Ethereum are in the red compared to their price last week.

MATIC/USDT 4-hr chart (source: TradingView)

As seen on the chart above, MATIC price is hovering slightly above the ascending support line. It is currently trading above the 50-day Simple Moving Average (SMA) as well, which shows that a drop to $0.60 is highly unlikely.

Once the market has recovered, it will not be a surprise if MATIC climbs back to $1 in the next couple of weeks and attempt to breach the ceiling. If this happens, MATIC bulls would need to gather support at $1 so as to turn it into support.

If the above scenario plays out, then MATIC traders would need to watch out at $1.20. A retracement back to $1 is possible in case MATIC attempts to rise higher.

MATIC/USDT 1-day chart (source: TradingView)

As supported by the 1-day chart, MATIC has already defied the downtrend that started since late 2021. However, trading volume remains unimpressive, which is why traders need to exercise extra caution before they decide to make an entry.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.