Polygon (MATIC) Eyes $1 After Successful Breakout
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MATIC’s price shows strength as price breaks bounced off from $0.76 with good volume with eyes set to reclaim $1.
MATIC breaks out of a downtrend as the price resumes a bullish structure.
The price of MATIC continues to trade above the 50 Exponential Moving Average (EMA) on the daily timeframe.
The price of Polygon (MATIC) has remained strong despite the market uncertainties that have affected the price of many altcoins in recent weeks. Polygon (MATIC) has held strong, defending its support as the price is set for a major rally. The price of Bitcoin (BTC) showed strength bouncing off from its low of $19,100 to $19,600 as the price attempted a breakout to $20,000. A successful breakout will mean relief bounces for most crypto assets in the market. (Data from Binance)
Despite experiencing some great price movement in recent weeks due to so many partnerships and great projects built on the polygon network, this has attracted the attention of traders and investors as they look for every opportunity to stack up MATIC.
The bear market has had a fair share on the price of MATIC, as the price of MATIC dropped to a weekly low of $0.35 with what seems to be a demand zone where the price bounced off this region to rally to $1.
The price of MATIC was rejected from $1 despite showing great strength to break and close above this resistance. The rejection of MATIC from this region has led to the price decline to its weekly support of $0.76.
MATIC’s price held this support of $0.76 strong to avoid a sell-off, as this would be a good area for bulls to push the price higher.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.76.
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