Cryptocurrency market has recently seen a rising trend that has brought smiles to Polygon (MATIC) investors. The price of MATIC has recorded an increase of over 5%, testing the $0.950 resistance and giving hope to its investors. In this uptrend, Polygon bulls are firmly in control of the market and have set their sights on a rise above the $1.00 level.
Polygon (MATIC) Price Impresses with Recent Increase
Looking at the current situation of the MATIC/USD pair, a new rise has begun above the $0.920 resistance against the US dollar. The price is now at the $0.925 level and is trading above the 100 simple moving average. A breakout above the significant downtrend line occurred with the surpassing of the $0.9150 resistance in Polygon (MATIC), indicating a strong uptrend for MATIC.
Polygon’s price embarked on a new increase after forming a solid base above the $0.8620 level. Particularly with other major cryptocurrencies such as Bitcoin and Ethereum moving into positive territory, MATIC managed to overcome barriers around $0.880 and $0.8950.
Bulls Could Drive MATIC Price to This Zone
For the bulls, the main target is now levels above $1. The immediate resistance is near the $0.960 region, while the first major resistance level is identified at $0.9720. A strong breakout above this resistance level could lead to further price increases.
However, the critical point is whether a clear move above the $1 level will occur. A move above $1 could lay the groundwork for a steady increase for Polygon. Therefore, investors should consider the possibility that the MATIC price could attempt a move towards $1.100 or $1.150 levels.
If MATIC Fails to Break Resistance, Watch These Levels
In the event that the MATIC price fails to surpass the $0.9720 resistance level, the possibility of a downward correction should not be overlooked. In such a case, downward pressure could build in the market, and the immediate support level could be seen at $0.915. Moreover, this support level, which is also close to the same trend line, could limit the price decline.
The main support level is around $0.880. If the price falls below this level, a downward movement towards $0.8620 could begin. At this point, the possibility of a pullback to the $0.8250 level should also be considered.
