- MATIC has its price hovering beyond the weekly support floor of $1.44, suggesting an upside move.
- Market players may expect a 15% upward move before Polygon meets a challenging obstacle.
- A breakdown from the support level at $1.41 will annul the bullish narrative.
Polygon (MATIC) presented a remarkable recovery following the January sudden crash, but it appears to slow down. The continuing consolidation might catalyze an upside move that propels the alt to revisit critical value levels.
Polygon Price Forms a Base
MATIC has kept its price reactions beyond the support floor of $1.44 and might retest the zone soon. A rebound from the barrier might be vital in catalyzing upside actions for the alt. Furthermore, the uptrend might start before the first retracement.
Market players can wait a min 15% upsurge from Polygon price to tag the supply region’s lower border at $1.75. Higher aspirations might see MATIC overcoming this hurdle, targeting upside levels at the weekly resistance of $1.95.
Such a move will translate to total gains climbing to 27% from the token’s current price of $1.53. Market players willing to execute longs might enter the pilot position at MATIC’s current price and wait for it to retest the barrier at $1.44. If the narrative fails, investors can take profits after Polygon retests $1.75 and $1.95.
Though everything appears straightforward for Polygon price, losing the support floor at $1.44 may dent the positive case. A 4hr candle close under $1.41 will result in a lower low, annulling the optimistic thesis. Such a move will reveal an ideal level for entering a stop-loss.
Bearish dominance might see the alternative token crashing 13% to retest the weekly support zone at $1.23.
However, broad market sentiment might detect MATIC’s price reactions. For now, bears seem dedicated to keeping the assets in the bearish region. Bitcoin failed to overcome the hurdles beyond $37,000. While publishing this blog, BTC rides bearish waves near $36,928. The world’s dominant crypto needs a decisive upside move past $38,000 to support near-term bullishness.
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