Despite the market leader, Bitcoin price, trading sideways for over a week, the altcoins have recorded massive price action recently. Polygon’s MATIC price has recorded a jump of over 5% within the past day and a significant 23% rise in its value within the past week.
The Polygon ecosystem has gained significant attention following its news of releasing a new sister token named “POL.” This next-generation hyperproductive token is predicted to power the vast ecosystem of Layer-2 blockchain via re-staking protocol.
The MATIC price was seen trading below its key resistance of $0.550 for a brief period, following which the price gained momentum and broke out of the upper level. The price continued to gain momentum but was rejected at $0.6550.
After that, the price traded in a consolidated range between $0.6095 and $0.6550 for a week. The Polygon MATIC token regained momentum and successfully broke out of the level. The price experienced a minor correction at $0.7408, resulting in the coin retesting its $0.70 mark.
Following this, the price started trading under the bullish influence and broke out of its upper level and is expected to test the $0.80 level in the coming time.
The 50-day EMA acts as a dynamic support to the MATIC price, indicating a high possibility of bullish price action in the coming time.
The MACD has displayed a positive price action since the month started, as the indicator shows a constant green histogram, indicating an ongoing massive price action. Further, the averages display a rising pattern, suggesting the price will continue gaining value in the coming days.
Will MATIC Price Hit $0.8 Soon?
If the bulls push the price above the $0.78 mark, the price will continue to gain momentum and make a run to test its resistance level of $0.78 soon. Maintaining the price at that level will set the stage for the market to attempt Polygon’s upper resistance level of $0.800 in the coming days.
If the Polygon’s “POL” token gains massive attention in the coming days, the MATIC price will experience a strong bullish influence and make a run to test the $1 mark before the year-end.
Conversely, if the crypto bears overpowered the bulls, the MATIC price fails to hold its price above $0.7408. It will lose momentum and fall to test its lower support level of $0.700 soon.
Moreover, if the bears dominate the market, Polygon crypto will continue to bleed and test its crucial support level at $0.6550 this month.