MATIC didn’t have to wait for Bitcoin to initiate a price rally and cause the USDT dominance to decline just to have a bullish momentum.
Actually, tracking from Coingecko, the cryptocurrency managed to increase its value by 24.3% over the last 30 days – the same period where most digital currencies struggled to stay on the green zone.
- MATIC removed the block that bears had erected at the $0.93 resistance indicator
- Altcoin’s value has risen by over 24% in the past month
- It is very likely that the $1 mark will rally.
Altcoin’s current price is $0.93 at press time. It has increased 11.9% in the past seven trading days. Within a period of fourteen days, the asset achieved a remarkable 17.4%.
Analysts predicted that the asset would be rejected when it attempted to test $0.92 resistance.
MATIC had, it turned out, enough energy to get past this crucial hurdle and maintain higher prices at the moment.
MATIC Buyers Have a Profitable Opportunity
Beginning in July, the Native token of Polygon Network was trading between $0.72 and $1.03. MATIC might settle for $0.88 sometimes.
The crypto returned to the lower price zone at the beginning of the month. This gave bulls an opportunity to check sellers who had sold. Positive gains.
Although the A/D indicator did not have any strong showing over the last few months, MATIC’s Relative Strength Index was swinging from 30 to 70. It was found in the upper part of the zone, which was higher than the score of 50. This indicates that the asset is always heading for a surge.
This resulted in a rise of trading prices to $0.93, where the bearish block was formed. This was demolished by bulls who made the bullish run possible.
If the bulls loose their hold, cryptocurrency could fall back to $0.87. However, this can offer buyers the chance to profit since MATIC is expected to bounce back to move all the way up to $1 or even $1.05.
Long-Term Forecast: Dim
Online crypto data provider CoincodexThis sentiment is echoed by this forecast for the short-term of 11ThThe largest cryptocurrency according to market capitalization.
MATIC is expected to trade at $1 on the 5-day prediction, which will be an additional significant rise for the asset after it reached $2.92 in December last year.
However, the cryptocurrency’s long-term trend, especially its 30-day outlook, does not look good. It points to a sharp fall.
Coincodex predicts MATIC’s retreat to $0.56 in a month. Therefore, it is imperative for buyers to always keep a close watch on the asset’s price movement in order to ensure they protect their interest for gains and profit.
Featured image from PhotoDune, Chart: TradingView.com| Featured image from PhotoDune, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.