Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?
Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days.
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.Source