Price Analysis

Polygon (MATIC) Displays a Bullish Continuation-Is it Heading for a Breakout Beyond $1.3?

Author: Qadir AK

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Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Story Highlights
  • Polygon price is displaying acute strength and appears to be ready to breach through the resistance and swell

  • The MATIC bulls are facing bearish opposition but may certainly not overpower them as the buying pressure has accumulated to a large extent

Polygon price is heavily consolidating along the upper resistance that appears to be crucial as it displays coins’ potential to barge through the levels ahead. Despite significant bullish pressure, the MATIC price continued to sustain above $1 flashing bullish signals for the next few days. The price with the fresh surge is testing one of the key weekly resistance levels that could rise notably after a breakout. 

The MATIC price is currently 12% above the recent bottoms, nearly 40% up since the beginning of the year, and 15% above the crucial support at 200-day MA levels. Therefore, the price appears to be in an extremely strong position, and even if the bearish pressure increases the levels may drop below $1 but certainly hold at $0.93 which could trigger a notable rebound back above $1. 

Trading View

 The token is facing significant opposition from the bears at $1 as it witnessed in the recent past. These levels have been suppressing the price levels heavily and compelling the price to face a major rejection. However, the MATIC price is holding these levels tightly due to which the price may continue to consolidate for a while ahead. After a brief accumulation of strength, the price could rise higher but may fail to test the upper resistance. Furthermore, a pullback could compound the bull’s efforts to revamp a bullish trend ahead. 

Fortunately, the trading volume has intensified a little and is largely dominated by the bulls due to which the upward momentum could prevail for a long. However, the price is speculated to trade flat for a few weeks if the bulls fail to intensify their actions but may certainly not allow the bears to interfere. By the end of January, the price may sustain above $1 which may offer a bullish push to keep up the bullish momentum ahead.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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