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Bitcoin (BTC) reaching a critical milestone at $56,000 has also energized altcoins. Notably, Ethereum (ETH), the largest altcoin, settled above the $3,200 mark following Bitcoin‘s climb. Meanwhile, Polygon (MATIC) achieved an impressive surge, surpassing the $1 level and trading at $1.04 at the time of writing, prompting us to take a closer look at what’s next for this popular altcoin and what the technical analysis indicates.
The Rise of Polygon’s MATIC
Known for its scalability solutions for the Ethereum Blockchain, Polygon has recently shown noteworthy price movements. After trading between $0.7633 and $0.8206 for over a week, MATIC broke the resistance level at $0.9002, signaling a renewed bullish sentiment in the market. Despite bears’ efforts to prevent the price of the altcoin from maintaining momentum above this level, the bulls prevailed, continuing the upward trajectory of MATIC.
Before another significant rise, MATIC was trading in a consolidation range between $0.9002 and $1.0234, maintaining its upward momentum. In the past few hours, the altcoin surged over 10%, successfully crossing the $1 threshold and strongly keeping pace with the overall market uptrend.
Technical Outlook for MATIC
Technical indicators such as the Moving Average Convergence Divergence (MACD) show that the altcoin is on a strong upward trend, with steady green histograms and rising averages pointing to further gains in the coming days.
If the bulls manage to maintain their momentum, MATIC’s rise could continue, testing the next resistance levels at $1.079 and $1.1502. Surpassing these levels could lead to a continued upward movement.
Conversely, if the bulls lose momentum, a trend reversal could occur, leading to tests of the support levels at $1.0234 and $0.9586. Overall, the price of the altcoin is largely dependent on the balance of power between the market’s bulls and bears.
