Polygon (MATIC) has risen dramatically within the final 24 hours, bringing the asset’s value close to the greenback threshold. Nevertheless, it has considerably elevated after following the route of an upward trendline. Because of this, MATIC/USD has maintained its bullish value development for the previous week, leading to double-digit beneficial properties.
The altcoin has damaged by quite a few key resistance ranges and is presently buying and selling above the $0.77 assist stage. Pullbacks are attainable, because the coin has been comparatively hopeful within the final week. BITCOIN just lately crossed the $22,000 mark, sending main cryptocurrencies greater.
Patrons’ religion within the coin has restored the bulls’ grip on the altcoin. On the time of writing, MATIC was overpriced. On the four-hour chart, the technical prognosis for the coin remained optimistic. The altcoin has continued to create greater highs on the chart, indicating bullish power. If the bulls sustain the market momentum they’ve now, MATIC will quickly attain the greenback mark once more.
On the 4-hour chart, the altcoin was buying and selling at $0.903. MATIC was on the verge of returning to $1.00. If purchasers keep their tempo, MATIC will proceed to rise. The coin’s overhead resistance was $1.00.
MATIC/USD Technical Outlook
The MATIC coin was buying and selling at $0.77, adopted by $0.68. The altcoin has maintained the next trajectory, leading to a optimistic chart image. The quantity of MATIC traded has just lately surged, indicating rising bullish vigor.
The asset registered surplus shopping for power as shopping for momentum strengthened. The four-hour chart confirmed the identical indicators. As well as, the Relative Energy Index has just lately entered the overpriced territory.
On the time of publication, the RSI was within the overbought zone. A retreat often happens when an asset enters the overbought zone. The worth of MATIC was additionally considerably greater than the 20-SMA line, indicating that patrons are pushing the market’s upward momentum. This can be a very bullish signal when the worth goes above the 50-day and 200-day easy transferring averages.
The altcoin displayed buy indications on the chart, which had been taken under consideration by the opposite indicators. The RSI indicator is above 50, signifying a bullish bias amongst buyers.
On the upper aspect, a breakout of $1 can set off a pointy purchase till the subsequent resistance stage of $1.1837. On the similar time, the assist continues to carry at round $0.7466. A break under this assist stage could permit for additional promoting till $0.6060. Good luck!