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The crypto industry is always full of surprises, with major tokens like Matic experiencing significant price fluctuations. In the most recent 24-hour period, the Matic price spiked by over 4%, indicating a bullish trend in the market.
Following a period of sideways trading between $0.9458 and $1.0207, the market eventually experienced a correction that led Matic token to lose over 17% of its value.
Afterwards, there was another dip in the chart following a period of sideways trading.
The bulls attempted to break out of the resistance level multiple times before finally succeeding, resulting in an 18.25% price jump before facing rejection at $0.9458. Since then, the price has been under bearish pressure.
Most recently, the price tested a key support level and was successfully held by the bulls, leading to continued sideways trading. Currently, a breakout seems imminent, but the outcome remains uncertain.
Will MATIC Price Hit $1 Soon?
The Moving Average Convergence Divergence (MACD) shows a constant green histogram, pointing to a bullish sentiment in the crypto market. The averages reflect a steady rise, indicating that the MATIC price is likely to keep climbing in the near future.
If the bulls can maintain the price above the $0.7572 support level, then testing the $0.8271 resistance level seems likely. If the price holds there, it could pave the way for a test of the upper resistance level of $0.8872 for the Polygon token.
On the other hand, if the bears gain control, the MATIC price may lose momentum and drop to test the $0.7032 support level. If the bears maintain dominance, the price could plummet further to test the 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.