MATIC, the native token of Polygon, has performed exceptionally well despite another tough week for the cryptocurrency market. The asset accrued weekly gains of 44.29% after defying the general market trend. One of the major drivers of MATIC’s uptrend was Polygon’s rise to prominence with integration with various industry behemoths such as Google Cloud as well as Tech billionaire Mark Cuban’s investment in it.
It had posted a swift recovery after fall to $1.05 on the 23rd of May. The subsequent pullbacks were not as damaging to the coin which maintained its streak above a crucial support point.
After a minor decline of 1.28% over the past 24-hours, MATIC was exchanging hands at $1.87. At the time of writing, the digital asset recorded a market cap of $11.55 billion and a 24-hour trading volume of $3.55 billion.
MATIC Daily Price Chart:
MATIC’s price has found crucial support. The upsloping moving averages continued to support the price of candles. The 50 DMA’s [Pink] attempt to exceed the candlestick arrangement was cut short by a quick recovery. The 100 DMA [Purple], on the other hand, continued to hover below it indicating that bulls are in control of the market.
The volume has also been moderate could, in fact, push the price the of coin.
The red closing bars of Awesome Oscillator noted a shift in momentum to the bearish side as the price approached its upper ceiling. The MACD slid down the signal line after sustaining a correction, however, if it manages to complete a bullish crossover, the price could move north of the upper trendline sooner than expected.
Optimism rose as RSI maintained its fort above the 50-median level which depicted a sentiment of increasing buying pressure in the market.
A break below $1.69 could open the doors for a further depreciation all the way down to the 50 DMA at $1.03. On the contrary, if the bulls defend the coin’s current price level support, the MATIC/USD pair may rise to the immediate resistance of $2.20 A breakout of this target level could result in a rally to $2.44.