Polygon (MATIC) Forms Support Above $1; Here Is Why $1.5 Is Possible

  •  MATIC’s price needs to stay above $1 for the price to have a chance to rally high to a region of $1.5.
  •  MATIC’s price continues to trend, creating a more bullish bias as the price aim for $1.5, where the price could face resistance. 
  • MATIC’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

In the week before, the crypto market enjoyed a strong run. The price of Polygon(MATIC), which was expected to rise to $1.3 this week, surpassed the hopes of traders who were hopeful that the price would rally to $1.5 to $2. The market for crypto assets has experienced some relief, however the week ahead holds mixed emotions. Data from Binance

Polygon (MATIC), Analysis of the Weekly Chart

Many altcoins saw a rise of over 2000% in the last week, after breaking free of the range bound movement. This is a sign that there’s more hope for the cryptocurrency space.

The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of Ethereum (ETH) and Bitcoin (BTC) suffering a minor price retracement back to a region of $1,550 and $20,600 respectively but this cannot be said for MATIC as the price has continued to hold strong above it support formed at $1 forming more bullish scenario for the price. 

MATIC has seen a close to $1.5 per week, which seems good considering the amount of hype surrounding it and how great the community and project have been since the beginning of the bear markets.

MATIC must hold at least $1 in order to see a price rally towards $1.5 or possibly even $2. If MATIC’s price falls below $1 we may see weekly price support of $0.8. 

Weekly resistance for the price of MATIC – $1.5.

Weekly support for the price of MATIC – $1-$0.8.

Prices Analysis of MATIC on the Daily (1D), Chart

Weekly MATIC price chart | Source: MATICUSDT On Tradingview.com

MATIC prices continue to rise in daily trading.

The price of MATIC trades at $1.2 after rallying from a daily low of $0.8 to a high of $1.3, suffering a minor setback in the price of MATIC; the price trades above the 50 and 200 EMA, which indicates a good relief sign for MATIC’s price on the daily timeframe could be poised for a major run to $1.5-$2.  

Daily resistance for the MATIC price – $1.5-$2.

Daily support for the MATIC price – $1.

Finbold Charts, Featured Image from Tradingview 

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