- MATIC price trend shows a bullish breakout of a long-coming resistance trendline.
- The Polygon price has increased by 33% in 7 days.
- The breakout run in MATIC price eyes $1.
As the bulls continue to struggle to hold Bitcoin at $60,000, the MATIC price has skyrocketed this week. With the altcoin market finding an additional push as smart money shifts from Bitcoin due to a sideways trend, Polygon gets into action.
A bullish reversal sets a breakout entry stage for sideline traders, boosting trading volume. With increased chances of a $1 breakout, check out our MATIC price prediction projecting a bullish 2024.
MATIC Price Performance
With a double bottom reversal from the support level at $0.38, the bull cycle in MATIC price forms a streak of green candles. The market cap has increased by 25% and the polygon token price by 33% in 7 days.
The bullish trend in MATIC price concludes a long-term bearish trend with a trendline breakout. Further, the Polygon price reclaims the $0.50 psychological mark with increased upside potential.
As a rounding bottom formation arises in the daily chart, the MATIC price trades at $0.5325, with an intraday gain of 1.50%.
The sudden increase in demand for Polygon comes with the new update in the MATIC network coming on September 4th. In this update, the long-awaited shift from MATIC to POL will occur. In addition, the news around the POL token’s listing on Coinbase has fueled the bullish spikes.
Technical Indicators:
RSI: The daily RSI line shows a bullish surge ready to hit the overbought boundary line.
MACD: The MACD and signal lines skyrocket with a boost in bullish histograms.
Will Polygon Price Hit $1?
As the crypto market is on the cusp of a bull run, the breakout run in the Polygon price gains momentum. Considering the new network upgrade boosts the buying pressure, the MATIC price could reach the $0.7327 mark before taking on the $1 barrier.
On the downside, a reversal under $0.4757 could prove fatal and drop the altcoin to the psychological mark of $0.3928.
