Price Analysis

Polygon(MATIC) Breaking-Out From Crucial Levels, These are the Potential Target for the Next 24 hours!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 14, 2022

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Polygon (MATIC) price has been consolidating for a pretty long time just above the crucial support levels, leapt long to hit the strong resistance. However, the asset faced a minor rejection but aims to recover at the earliest. On the other hand, MATIC price appears to have followed a pattern and if it mirrors, then the asset may drop back to $0.53 before igniting a firm upswing close to $0.8. 

The MATIC price after falling hard from the horizontal resistance and smashing the last point of defence just above $0.4. However, the asset firmly flipped from these levels and raised towards the crucial areas to hold. The asset during the early trade hours surged extremely high by more than 11% to surge beyond $0.65 and currently experienced a slight pullback towards $0.62.

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The MATIC price had surged significantly after joining Disney’s accelerator program. Currently, the stiff resistance is at $0.68 and only a close beyond these levels may result in bigger gains. Else a rejection may drag the price again below $0.6 to test $0.58 or $0.57 levels. Interestingly, as many as 115.96 million  MATIC was accumulated by 3.24K addresses between $0.67 & $0.69. And hence if the price surpasses these levels, the bulls may reclaim their positions. 

On the other hand, the Polygon (MATIC) price still hints at a bullish breakout as the RSI on the 4-hr chart has been rejected by a crucial resistance trendline. However, until the asset accomplishes a decisive close beyond $0.66 and RSI breaks above 69, the bulls are expected to remain of-shore.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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