MATIC Outlook: Anticipating a Potential Surge Beyond $1
Polygon (MATIC) coin revealed a sharp bounce and retained momentum, reaching close to the round mark of $1. Moreover, the bulls have regained strength and are anticipating a breakout soon. The coin signifies a V-shaped reversal and depicts follow-on buying momentum. However, the coin needs a retracement to continue the upward movement, which might lead to a breakout above $1.
MATIC coin price surpassed the key moving averages and delivered a pullback in the last sessions. Furthermore, the trend is neutral, and buyers must hold $0.900 to continue the bullish momentum. If the coin drags below $0.8500, it may lead to profit booking toward $0.500. Per the Fib levels, the coin has escaped the 23.6% zone and is close to the 38.2% zone.
- The Polygon coin (MATIC) price was $0.9807 at press time, with an intraday drop of 2.71%, showing neutrality on the charts.
- Moreover, the trading volume has increased by 4.31% to $320.02 Million.
- The pair of MATIC/BTC is at 0.0000189 BTC, and the market cap is $9.44 Billion.
- MATIC coin has a weekly return ratio of 5.42% and 33.64% monthly.
- Analysts are neutral and suggest that the Polygon crypto (MATIC) price will face volatility and may breach the round mark of $1 soon.
MATIC Displays Rebound From Key Support Zone
Polygon (MATIC) chart revealed a bounce from the critical support zone of $0.7000 and retained buying momentum in the recent sessions. The coin has recovered over 46% of gains and retained its bullishness. However, the coin is yet to surpass the round mark of $1, which, if it happens, the price would rise to $1.20, followed by $1.50. The trend is neutral; however, the bulls continue to accumulate gains and are aiming for a breakout.
The RSI curve continues to stay in the overbought zone forming a positive crossover, and revealing the bulls’ accumulation. Similarly, the MACD indicator shows a bullish crossover; it formed green bars on the histogram which suggests a bullish outlook for the following sessions.
MATIC Displays Consolidation On Weekly Charts
MATIC coin displays range-bound moves and is hovering below the $1 mark for the last sessions. However, the coin showed a bounce and escaped the 100-Day EMA sharply, signifying the bulls’ intention to initiate a range breakout. Until the $1.20 mark is not breached, the coin will hover in range and will not succeed in breaking out.
Summary
Polygon (MATIC) coin displays a rebound from the demand zone and has been consolidating in a range for the past weeks. Furthermore, the price action indicates volatile moves, and buyers are struggling to escape the round mark of $1.
Technical Levels
- Support Levels: $0.9600 and $0.9200
- Resistance Levels: $1 and $1.10
