Price Analysis

Polygon(MATIC) Price Accumulating Heavily, $2 May Be On The Cards Very Soon

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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Oct 18, 2021

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Highlights

    MATIC showcases some signs of a massive uptrend which could uplift the price beyond the current highs

    Despite multiple rejections at certain levels, yet the asset manages to keep up the momentum towards the north intact

As the crypto space is heading towards a notable flip from the bears, Polygon also prepares for a massive breakout. The asset appears to have to consolidate well and before a notable flip from the bullish divergence. However, many predict the dip to the $1.6 levels may be a healthy pullback before the MATIC price smashing $10. 

Considering the present price movement, the asset is undergoing a healthy consolidation and a notable surge at regular intervals. With the recent jump of more than 30% and a slight pullback, the asset formed a bull flag that failed to uplift the price to the next level. On the other hand, the price still sustained above $1.4 manifested that the strong bullish momentum to be intact. 

Also Read: Do Not Miss Out These Altcoins, They Might Overshadow Leaders in the Industry!

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The entire crypto space is consolidating with large margins, and hence a slight pullback could be on the horizon. However, if in case the price drops significantly, yet it could still retest at the nearest support levels above $1. In the worst cases, if it drops below $1, it may be for short time as it will create a huge buy-zone that could fill instantly. 

On the other hand, the price is constantly been rejected around $1.6 multiple times and hence breaking through this level is become mandatory. However, the asset could break the structure on multiple time frames and register a bullish price action. The supply also could break which may lead the MATIC price towards a new ATH very soon. 

The next leg up after the consolidation could pump the price to the next resistance at $1.760. And as per a popular analyst, Crypto General, Polygon price could repeat the epic bull run that it did early this year. 

Also Read: Bitcoin(BTC) Price Piercing Apart, What’s Next, Which Altcoin Is In The Row?

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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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