The crypto industry continues to display significant price volatility as major tokens record constant fluctuations in their respective portfolios. Further, the Matic price has experienced a jump of over 4% within the past 24 hours, indicating a bullpower in the market.
The Polygon price traded in a closed range between $0.9458 and $1.0207 for about a week, following which the market lost momentum and the MATIC token experienced a correction of over 17% in valuation.
After this, the price traded sideways for a while, following which the market experienced another dip in the chart.
The bulls made multiple failed attempts before finally breaking out of the resistance level and recording a jump of 18.25% before facing rejection at $0.9458. Since then, the price constantly traded under a bearish influence.
Recently, the price tested its crucial support level, but the bulls held the price strong, resulting in the price trading within the range. Currently, the bulls are on the verge of a breakout, of which the outcome is unpredictable.
Will MATIC Price Hit $1 Soon?
The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a bullish influence in the crypto market. Further, the averages show a steady rise, suggesting the MATIC price will continue to rise in the coming time.
If the bulls hold the price above the support level of $0.7572, the bulls will test its resistance level of $0.8271 soon. Maintaining the price at that level will set the stage for the Polygon token to attempt to test its upper resistance level of $0.8872.
Conversely, if the bears overpowered the bulls, the MATIC price would lose momentum and fall to test its support level of $0.7032. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.6505.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.