Matic Price after an intense rally dropped down exhibiting a relax phase without surging with a huge margin
The rally dropped below the trend line and hence a bounce back above these levels may indicate the resumption of the bull rally
The bears which had capitulated the entire crypto space show no signs of fade in near future. However, penetrating through the bearish trend, assets like Polygon price assures of rallying high. No doubt the in the present scenario, MATIC price is struggling very hard to maintain the uptrend, yet a flip to the bearish divergence may happen with a blink of an eye.
The MATIC price since the steep crash always appeared to be poised to reach its lost positions above $2. And hence it continuously attempted to propel above the upper resistance level in order to flip it into support levels. Woefully, it failed each time it tried to rise high, yet sustained above the support levels.
Yet, the price regaining the positions above $2 is still possible, only if the bulls jump into action and uplift the price to break the downtrend. As said by a popular analyst, Research 24/7, if the price breaks then a rise to $1.71 could be imminent.
Moreover, the constant upgrades and developments within the ecosystem is also a major reason for the probable uptrend. Recently, the platform announced the opening for new frontiers for layer 2 scaling which could be the most bullish indication by some analyst.
Collectively Matic price may rebound very soon as the price appears to have entered the correction phase. However, until it crosses the trend line at $1.33, the resumption of the bull rally cannot be confirmed nor validated. Therefore, currently, it is mandatory for the Polygon price to sustain above the support levels at $1.03.