Polygon’s MATIC market cap continued to increase by the day, causing a notable surge above a key psychological level this month. It just tapped a year high following a daily 10% gain and seems set to claim more in the coming days.
The past weeks have been a back-to-back increase for Matic as it climbed above the psychological $1 level. Although trading volatility currently appears high compared to the past week.
Following the sudden crash that hit the crypto space earlier this week, the asset dipped below $0.95 and quickly bounced back with a long-wick rejection. That brought the bulls back in action as it resumed trading above the psychological level.
It just broke higher to a year high and now faces an important resistance level – the March 2023 high. A flip through this resistance could activate a massive explosion from the mid-term perspective.
If this resistance holds firmly as a result of bearish reactions, the price may consolidate for a while before breaking higher. Failure to advance bullishly could lead to a slight bearish action before recovering.
While some mid-cap altcoins are finding it difficult to recover from this week’s dip, Matic currently looks strong and back in an upward direction.
Matic’s Key Levels To Watch
If Matic scales through the rejected $1.25 resistance level – marked as March 2023 high – the next major resistance to watch is the $1.33 level. Right above this resistance lies the $1.47 level on a daily.
While the currently flipped $1.177 level is now held as daily support, a drop below it could trigger selling to the $1.095 level on the hourly chart. The next support lies at $1 in case of more dips.
Key Resistance Levels: $1.25, $1.33, $1.47
Key Support Levels: $1.177, $1.095, $1
- Spot Price: $1.22
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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