- Polygon’s MATIC experiences a significant surge, breaking out of a tight trading range.
- MATIC records new yearly high before facing rejection, indicating market volatility.
- RSI breach suggests buying pressure, potentially leading MATIC to test higher resistances.
Polygon’s MATIC has recently made headlines with its impressive market performance. After a brief period of trading in a narrow range, MATIC broke out, recording a significant jump of approximately 7%. This surge, however, was met with resistance at $0.73, leading to a minor correction.
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Regaining momentum, MATIC then achieved over 18% increase in value, before hitting a new yearly high of $0.9846. This peak was short-lived, as it faced rejection and lost 21% in value, leading to a period of consolidation. The bulls, undeterred, pushed the price to test the resistance level of $0.85, succeeding after several attempts with an 8% rise.
The Relative Strength Index’s recent breach out of the overbought range signals substantial buying pressure. This, coupled with constant average rises, suggests that MATIC’s value is poised to continue its ascent. If the bulls maintain control above the $0.85 support level, MATIC could soon challenge the $0.93 resistance. This scenario sets the stage for an attempt to revisit its upper resistance level at $0.99.
Looking ahead, the future of MATIC in the cryptocurrency industry appears bright. Its current market performance and technical indicators suggest a continued upward trajectory, positioning it as a significant player in the crypto space.
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