In a surprising turn of events, Polygon (MATIC), the popular cryptocurrency, is poised to approach a crucial long-term horizontal resistance level at $0.85, a milestone untouched since April. Recent weeks have seen a steady uptick in MATIC’s price, culminating in successfully reclaiming the $0.60 horizontal level.
This particular juncture holds substantial weight, having previously functioned as a steadfast support zone since July 2022. While a momentary dip occurred below this level in September, it has since been regained, indicating the prior decrease was merely a fleeting deviation.
As the Relative Strength Index (RSI) reading surpasses 50 and maintains an upward trajectory, a promising market environment for buyers emerges. Conversely, should the RSI dip below 50, it signals a bearish market outlook. Notably, the RSI not only exhibits an upward trend but has also successfully breached the crucial 50 threshold, providing added confirmation of the positive sentiment prevailing among buyers in the market.
MATIC is trading at $0.7728, marking a marginal surge of 8.55% in price within the last day and a 23.43% increase over the past week. A favorable perspective emerges from the daily timeframe technical analysis, which considers both price action and RSI readings. The price action reveals a significant event on October 22 when MATIC successfully broke free from an ascending parallel channel.
Renowned crypto analyst 52kskew highlighted the importance of the $0.85 level, suggesting a potential higher low. However, caution is advised concerning the sustainability of the short-term rally due to significant overhead resistance.
A Q3 2023 report on MATIC’s state of affairs revealed a notable drop in revenue compared to Q2, plummeting from $11.4 million to $5.1 million. However, there’s a glimmer of hope in the form of a slight uptick in average daily active addresses, coupled with a noteworthy 50% surge in average daily NFT sales volume.
The Polygon Labs team has announced the upcoming Polygon Connect event in Bengaluru on December 7. This event is expected to bring together builders and tech enthusiasts from all over the world, providing a platform for valuable insights through panels, keynotes from industry leaders, and hands-on technical workshops.
Polygon Labs is in Bengaluru for Polygon Connect on December 7th.
— Polygon (Labs) (@0xPolygonLabs) November 7, 2023
Only 4 weeks to go, so reserve your spot: https://t.co/uO0bJbcoas pic.twitter.com/3dy27wnA9d
The resurgence of Polygon (MATIC) in the crypto market is a testament to its enduring potential. As it nears the critical $0.85 resistance level, investors watch with bated breath, anticipating a potential breakthrough not seen since April. The recent positive price action, reinforced by a bullish RSI reading, underscores the growing confidence among buyers. While cautious optimism prevails, analysts remain vigilant, mindful of potential challenges overhead resistance poses.
