Cryptocurrency

Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?- Newshubweek

Polygon
Written by Arindam

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days.

  • Polygon price is seen to generate massive gains at 108%
  • MATIC price shoots close to a critical level that bulls are eyeing to test
  • Set your eye on this critical level to catch the uptrend

MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.

With that being said, MATIC is set to make as much as 100% of gains in the next couple of months.

The token’s price open this week close to a key level as Sunday’s price rally allows the coin to hover close to the $1 range which is pivotal in the next trading sessions.

MATIC To Breach The $1 Mark?

The $1.1 mark is crucial once the bulls start to trade in that level or breach the 200-day SMA. Once that is broken, this will indicate the end of crypto winter and that the bulls can rally further toggling on a longer-term upswing.

For that to happen, MATIC price will have to breach above the 200-day SMA and swerve past a rejection spotted at a monthly resistance level of $1.14.

If the bulls manage to steer clear of that and end the week at a range above the key resistance of $1.14, then that would be the day.

They can can avoid and close the week above $1.14, then this signals a looming uptrend that is considered as a huge bearish event, especially with the Fed rate decision still a month away.

If they manage to play by the book then that would mean 108% in total gains.

Polygon Bears Pushing Back Price To $0.44

According to CoinMarketCap, MATIC is down by 1.40% or currently trading at $0.9525 as of this writing. And it seems now the bears are regaining traction.

With the elements in order, a rejection may be nearby and hint a next crypto winter cycle. The rejection is seen to be at $0.80 below the 55-day SMA.

Should bears regain power, MATIC price is at risk of losses at 55% and the price pushed back to $0.44.

MATIC was able to peak at $2.9 in December 2021. But, when the crypto winter starts rolling, MATIC was among the first ones to crash hard and has even lost as much as 88% or a plunge to $0.34.

When the crypto market kickstarts its recovery phase, MATIC soars by a whopping 200% in a matter of two months reaching $1.

The next critical price to target is now $2 which can happen if MATIC manages to jump over the resistance set at $1.35 and $1.8.

Polygon Seen Breaching 1 This Week – Can MATIC Start

MATIC total market cap at $7.4 billion on the daily chart | Source: TradingView.com

Featured image from CoinCu News, chart from TradingView.com

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Arindam

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