Popular crypto currencies Polygon (MATIC), It had risen about 29% to $2.24 on October 29. The MATIC rally had smashed the $1.71 resistance as the bulls seized the momentum.
Important Stops in the Price of MATIC
MATIC, followed an important sequence by climbing to $2.24 about 48 hours ago. However, the rejection of the resistance level of the 2.2440 dollar paved the way for correction. The bulls have set the stage for the next bullish move in the support zone of $ 1.64 to $ 1.75. With the success of this plan, MATIC, which was on the rise again, rose to $ 1.90.
Experts noted that MATIC should defend the territory in the region of 50 MA. a break above $1.94 could trigger rises reaching $2.40. In the continuation of the upward trend, the journey to the 2.70 dollar zone, which is the all-time high level, can begin. Rising moving averages and the position of the RSI above the midline indicate that the bulls MATIC it is interpreted as evidence that it is effective in its price.
Graphic Data and Comments
In four-hour chart data Polygon it jumped from 1.82 MA at the 50 dollar level, which provided strong support. A price movement that hangs below the 50 MA area may invalidate the bullish outlook. In this context, the 2.20 level will be difficult to see and will lead to a decrease of up to 1.67 dollars.
On the other hand, if the bulls maintain their bullish outlook, the start can be made on the journey to the ATH level of $ 2.70. As of the moment of writing this article MATIC its price is trading at $ 1.89. MATIC’s trading volume over the past 24 hours has suffered a loss of 24%. However, in the CMC’s market value ranking, Polygon ranks nineteenth.
As a result, MATIC is trading at a critical turning point. Experts recommended monitoring the transferred levels when specifying their upward or downward expectations.