Connect with us

Hi, what are you looking for?


Matic could rise 15% if it breaks a crucial level that holds the bulls' wave

Matic could rise 15% if it breaks a crucial level that holds back the bulls' wave

The fall in Bitcoin (BTC) price may be holding a rally in the broader cryptoactive market and Polygon (MATIC) price appears to be exhausted and is likely to take a easing bounce after the sudden drop on January 5th.

Thus, the drop pushed Polygon to retest a crucial support level that could catalyze a smaller uptrend, analyst Akash Girimath points out.

Therefore, the analyst points out that the price of MATIC dropped about 18% on January 5th and cut the 50-day SMA to $2.14.

“Although Polygon has recovered above it, it is retesting that barrier in hopes of a leap of relief,” he said.

Thus, he points out that an increase in buying pressure around $2.14 is likely, given the general bullish direction seen by the price of MATIC since July 19, 2021.

Therefore, market participants can expect Polygon to rise 15% and retest the $2.47 resistance hurdle.


Thus, he points out that this uptrend is highly situational and could be further extended if bid requests pile up. In that case, MATIC price may revisit the $2.70 resistance hurdle, bringing the entire journey to a 25% advance.

Thus, Girimath points out that, on the other hand, if the MATIC price produces a closing candle below the 50-day SMA at $2.14, it will indicate an increase in seller activity.

Therefore, he points out that this development will suggest that Polygon will revisit the $2 psychological level and, in some cases, the 100-day SMA at $1.86.

Thus, the trader points out that the break of the $1.86 barrier will create a lower low, invalidating the bullish outlook. This move could cause the MATIC price to revisit the 200-day SMA to $1.53 and thereby invalidate any bullish move.

Also read: Final Fantasy Creator to release metaverse game and play to earn

Also read: Binance buys 43,000 Bitcoin to integrate into its reserve funds

Also read: Bitcoin drops to $41,000 and cryptocurrencies follow. Cardano rises 2.3% in the midst of the crisis

You May Also Like