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
Source: Tradingview
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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