While many top altcoins witnessed an early upsurge this week, Polygon‘s MATIC remained calm with no sign of recovery. The price later picked up following a 1% increase over the past hours. It may reclaim the previous high if buying volume increases by the day.
The price of MATIC is slowly rising back after moving sideways for weeks. The current build-up looks like that of the early-year rally that skyrocketed the price to the high of $1.568 before it entered a correctional phase in February.
A repeat of this rally could set the price on another surge above the previous high level. A three-day steady increase brought Cardano’s price to the $1.17 resistance level yesterday. That level rejected the price and failed to overcome it till now due to a drop in volatility.
If the price manages to close above the resistance level, we can expect more positive actions to take place. Otherwise, the bullish actions will be temporarily paused until volumes continue to flow back.
Looking back from where the price saw a major bounce in mid-2022, MATIC has recovered significantly well in the past months. The bullish trajectory remains intact on the higher time frame as it continues to trade conveniently inside a wedge.
MATIC’s Key Levels To Watch
On the way up, the resistance levels to pay attention to are $1.26 and $1.35. We may see a shallow pullback from there before resuming positive actions. If the asset pushed higher and reclaimed those resistance levels after a rebound, the $1.47 level would be the next area of interest for the bulls.
The current holding support lies at $1.06 and $0.9. If those levels flip, it may look for support at 0.87 and perhaps $0.8 – which lies below the wedge pattern.
Key Resistance Levels: $1.26, 1.35, $1.47
Key Support Levels: $1.06 $0.95. 0.87
- Spot Price: $1.17
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.