Polygon’s native MATIC token has seen a resurgence in price action over the past month, surging over 55% amid a broader altcoin rally. MATIC has reclaimed key support levels on the weekly time frame and broken out of an ascending channel on the daily chart – signaling a potential trend reversal after months of decline.
Keypoints
- MATIC price has increased over 55% in the past 4 weeks, reclaiming the $0.60 support level on the weekly chart.
- The weekly RSI is bullish, crossing above 50 which indicates an upward trend.
- Despite a drop in Q3 revenue for Polygon, active addresses and NFT volume grew. Polygon Connect conference upcoming.
- Analysts are bullish on MATIC’s long-term outlook due to break of descending resistance, potential higher high above $0.85.
- MATIC broke out of an ascending channel on the daily chart, confirming it as support. RSI also bullish.
- Next resistance at $0.85, if broken MATIC could reach $1.25. But failure to break $0.85 could see a 28% drop back to $0.61.
MATIC is now trading near the $0.85 resistance level, which could be the final barrier before a test of the psychologically important $1 mark. MATIC last reached $1 in March 2022 during its peak from the previous bull market.
Bullish momentum indicators like the Relative Strength Index (RSI) support the positive price action across different timeframes. The weekly RSI recently crossed above 50 into bullish territory, while the daily RSI shows strong uptrend confirmation.
Polygon recently reported a drop in quarterly revenues, though network usage metrics like active addresses and NFT volumes grew. The project’s ecosystem and developer activity continues gaining traction. An upcoming Polygon conference also hints at renewed interest.
Crypto analysts are largely bullish on MATIC amid the technical structure, with upside targets between $1-$1.25. Key levels to watch include support at $0.60, prior resistance turned support. A failure to break above $0.85 resistance could entail a sharp pullback.
But MATIC’s robust rebound from multi-month lows and recapturing of historic support now puts it en-route to revisiting levels not seen since the last market peak. Polygon is poised to be one of the outperformers among altcoins if the uptrend sustains above short-term hurdles. MATIC’s path to $1 and potentially beyond seems increasingly viable after months of range-bound price action.
