• 23 July, 2024

Polygone (MATIC) Soars High Over the Crypto Market, Can Bulls Reclaim $2?

The Polygone coin value has surged over the past few days, with the value of the coin continuing to rise high. MATIC/USD has increased by over 100% since the beginning of the year and is now eyeing the $2.00 mark. The coin has been seen trading in a range of $1.15 to $1.55 since the start of the year.

This has allowed investors to make a significant return on their investments and capitalize on the bull run, With the MATIC/USD pair consolidating above $1.33, bulls are looking to break out of this range and push the price higher.

This tremendous rise has largely been driven by a lot of attention due to its skyrocketing prices as well as the fact that it is now one of the more popular cryptocurrencies. With this surge in popularity has come a new set of terminology and jargon, blockchain and crypto enthusiasts have to contend with, and partnerships with major cryptocurrency projects.

These advancements could likely be the reason why MATIC/USD has been able to break out of the range and maintain its gains.

Looking at today’s market for MATIC/USD, The bears are in control and have managed to break below the $1.32 support level, pushing the price lower and setting a new low of $1.33. The coin has decreased by over 7.13% in the last 24 hours as bulls struggle to reclaim above the $1.44 resistance level.

Looking at the technical analysis of MATIC/USD, The moving average convergence divergence (MACD) indicator has been increasing in the past few days, however, today it has gone into the red zone, indicating a bearish trend.

MATIC/USD daily chart, Source: TradingView

The Relative Strength Index (RSI) is currently at 56.90, which is slightly below the 60 mark and could indicate that bulls might be able to reclaim their losses soon. The moving average is currently at $1.40, which is slightly below the current price level of MATIC/USD.

In conclusion, Polygone (MATIC) has seen a tremendous surge over the past few days and looks to be headed higher in terms of its value. However today, the coin has been seen to suffer a bearish trend, which will be crucial in determining where the coin will be headed next.

The buyers will have to reclaim the $1.32 support level and break above the resistance of $1.44 for MATIC/USD to head higher and continue its bull trend.

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