- Polygon’s price surged past $0.70 but faced resistance at $0.87, indicating potential sell-offs.
- A bounce possibly leads to a breakthrough past the resistance, completing a ‘double bottom’ pattern targeting a rise above $1.
- The ongoing consolidation of Bitcoin has prompted a shift in capital toward altcoins, bolstering support for leading altcoins like MATIC.
Polygon’s (MATIC) price momentum has skyrocketed, breaching the crucial $0.70 mark and signaling the potential for a significant breakthrough.
However, the journey to new highs has not been without its challenges, as the digital asset encountered resistance at $0.87, prompting speculation about possible sell-offs near this peak. Analysts are closely watching for a retracement to the $0.70 level, indicated by the 38.2% Fibonacci line, which could materialize if the price dips below $0.77.
A crucial turning point, a bounce from this level, may pave the way for Polygon to shatter the $0.87 resistance. Success in this move would mark the completion of a ‘double bottom’ pattern for the MATIC price, setting the stage for a potential surge beyond $1 in the coming week.
As of the latest update, the price of Polygon stands at an impressive $0.871158, reflecting a remarkable 5.65% increase in the last 24 hours and an even more substantial 25.25% surge in the past seven days. This bullish momentum aligns with the ongoing rotation into altcoins, propelled by Bitcoin’s consolidation within the $35,000 to $38,000 range.
Traders are seizing short-term opportunities presented by Bitcoin’s consolidation, diverting capital into the altcoin sector and reinforcing support for prominent altcoins like MATIC. The surge in Polygon’s value is a testament to its individual strength and indicative of a broader trend as investors diversify their portfolios.
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