Despite Polygon’s Bullish Run, Buyers Struggle Near Resistance Of $1.0
The Polygon (MATIC) has had an impressive bull run seen in the last couple of days. The coin is treading above the EMA red lines as seen on the daily price chart. On the other hand, MATIC’s trading volume has plunged by...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The Polygon (MATIC) has had an impressive bull run seen in the last couple of days. The coin is treading above the EMA red lines as seen on the daily price chart. On the other hand, MATIC’s trading volume has plunged by as much as 42% or $1.1 billion overnight.
MATIC price went for a bull run right after it breached the symmetrical triangle pattern spotted on the upside. As it turns out, $1.0 had been a critical level to break for a long time which was a tough challenge for MATIC.
MATIC/USDT Currently At $0.93MATIC/USDT pair is currently trading at $0.93. Bears are having a hard time keeping the coin’s price under $1.0. Moreover, Polygon’s price is shooting for the 200 DMA line.
Meanwhile, Polygon’s total market capitalization has declined by 2.5% or is currently at $7.4 billion as seen over the past 24 hours. Trading volume for MATIC has also dropped by 42% or to $1.1 billion as seen overnight. RSI is also looking bullish as it was able to rebound successfully from its lower bottom.
Despite the bull run, Polygon has been struggling to bust the resistance level of $1.0. However, a resistance breakout is looming for next week.
Valdrin Tahiri, a top crypto expert, said that Polygon was able to jump off the critical support at $0.74 plus was able to cross the resistance line. More so, MATIC is targeting to test and shift the resistance at $0.74 to the support line.
Polygon To Rise 20x To 60x In Next Bull RunTahiri says that MATIC is trying to complete the fourth of the five-wave sequence of downward movements as the coin is bottoming out. MATIC is now ready to breach the upward trend once the last leg of the five waves is completed and targeting $1.40.
CryptoFaibik, a popular crypto expert and YouTuber, was able to spot a bullish streak in the price chart of MATIC referred to as the Descending Broadening Wedge Breakout, which indicates the coin’s upside reversal. The crypto expert has set its eye on $1.97 or a 217% increase in MATIC price.
According to Michäel van de Poppe, a popular crypto expert and educator, MATIC’s price is set to increase around 20x to 60x in the next bull run or uptrend. More so, analysts have also seen a bullish streak in the Polygon price chart allowing exception gains.
MATIC traders and holders are enjoying the advantage of the partnerships and expansion projects that have been announced in the past month.
MATIC total market cap at $7.20 billion on the daily chart | Source: TradingView.com Featured image from Analytics Insight, chart from TradingView.comWhy this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
LIVE – Why Is Crypto Down? $14.2B Stablecoin Drain Turns a Bad Morning Into a Market-Wide Rout
Why is crypto down? Bitcoin crashed below $69,000 just now, dragging the crypto markets into another brutal selloff. Ethereum slip...
Western Union’s USDPT Stablecoin Becomes a Settlement Option on Visa, Anchorage Digital Says
Banks and payment companies on both sides of a card purchase, those that issue cards and those that sign up merchants, regularly s...
Crypto News Today: Bitcoin Loses $72K as $550B Vanishes From Cryptocurrency Market
The decline followed a broader deterioration in investor sentiment, with more than $550 billion reportedly erased from the cryptoc...
Visa Taps Anchorage Digital to Bring Western Union’s USDPT Into Stablecoin Settlement
Key Takeaways: Visa will provide its USDPT as an option for the settlement of stablecoins. USDPT is issued by Anchorage Digital Ba...
Thailand SEC Proposes Stablecoin Rules With 5M Baht Daily Caps for Crypto Transfers
Key Takeaways: Thailand suggests that daily deposits and withdrawals for stablecoins should be capped at 5 million baht. Only veri...
FSB Pushes Türkiye Toward Dedicated Stablecoin Rules and Tougher Crypto Oversight
Key Takeaways: FSB commends Türkiye for making meaningful progress in the regulation of cryptos. The watchdog calls for a separate...