After slashing past severe opposition, Polygon’s native token, MATIC, appears to be catching up with the rest of the market. Technical indications and on-chain data now indicate that prices may be on their way to a new all-time high.
Polygon has broken through key resistance and now appears to be on the verge of setting new all-time highs.
MATIC Price has gained more than 22% in market value in the last four days, indicating bullish momentum. Prices have risen from a low of $1.52 on October 23 to a high of $1.86 recently. The altcoin is currently trading around $1.8370 up 10.33 percent against the US dollar in the last 24 hours. The year-to-date return-on-investment for $MATIC is an astounding +10337 percent.
Why MATIC Price can Hit New ATH soon?
This technical pattern indicates a 150 percent increase, which may be confirmed by measuring the distance between the original swing peak and the low one, then multiplying by $1.73 (breakout point) to arrive at a $4.32 goal.
Though Polygon’s strategy sounds simple, the alt will face two significant roadblocks at $2.04 and $2.22 before retesting the ATH at $2.70. If MATIC overcomes these obstacles, the crypto will rise to $4.32.
As Polygon approaches the $2 mark, Traders may try to break their long positions. The potential increase in selling pressure could slow down the uptrend, preventing MATIC from slicing through this barrier and achieving its upside potential.
As per the above IOMAP chart, Bulls holds the upper hand. The only considerable interest area sits at the $2 mark, where 1,280 addresses have purchased more than 35.5 million MATIC. the major support level underneath Polygon sits at $1.75.
Strong Fundamentals add to the bullish bias
The MATIC ecosystem has seen an increase in daily addresses over the last three months, indicating that the major rise is on the way. The increase in active wallets’ 7-day MA suggests that additional capital and investors are entering the market, which supports the optimistic narrative.
According to data from blockchain analytics firm IntoTheBlock (ITB), over 92 percent of all $MATIC addresses are currently profitable:
Polygon has a single resistance, according to the GIOM model, which might impede upsurges at $1.87. Around 17.54 thousand crypto addresses purchased 135 million tokens at this point. A significant close over $1.87 will therefore draw sidelined investors, easing selling pressure. MATIC would be able to extend its surges without difficulty as a result of this. The alt will then soar to an all-time high of $2.7 or higher.
Polygon PoS Just crossed 1 BILLION transactions processed
October has been nothing but great for Polygon and MATIC holders, starting off with MATIC pumping by more than 30% so far, and today as per the Reddit discussion MATIC crossed 1 Billion transactions processed on the Polygon PoS chain.