Amidst ongoing volatility in the crypto industry, major tokens witness continual fluctuations in their portfolios. Notably, Matic’s price surged by over 4% in the last 24 hours, signaling bullish momentum in the market.
After a period of sideways trading, the market encountered another dip, followed by multiple unsuccessful attempts by bulls to break through resistance. Eventually, a breakout occurred, leading to an 18.25% surge before encountering resistance at $0.9458.
Despite testing crucial support levels, recent trading has been characterized by bearish influence, with the price fluctuating within a range. Presently, the market is poised for a potential breakout, with the outcome remaining uncertain.
TradingView: MATIC/USDT
MACD Analysis and Price Projection for MATIC
The Moving Average Convergence Divergence (MACD) histogram consistently displays a bullish trend, signaling positive momentum in the crypto market. Additionally, the moving averages exhibit a steady ascent, indicating a potential continuation of MATIC’s price increase in the near future.
If the bulls manage to sustain the price above the support level of $0.7572, they will likely test the resistance at $0.8271 in the short term. Maintaining stability at this level could pave the way for Polygon token’s attempt to challenge its upper resistance level at $0.8872.
However, in the event that bears overpower bulls, causing a loss of momentum, MATIC’s price could retreat to test the support level of $0.7032. Further bearish dominance might lead to a deeper decline, with MATIC potentially testing its lower support level at $0.6505.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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