The upward trajectory of Polygon (MATIC) has been consolidated for quite some time, making it poised to experience a significant price rise. That MATIC is resilient is evidenced by its conquering of major barriers thereby signalling bullishness. Meanwhile, the token has dominated considerable attention over the last month due to a 46% impressive surge.
In particular, during the previous week alone, there was an increase of 16%, which suggests that an encouraging outlook for further growth lies ahead. As at press time, Polygon’s price is $1.262094 with a 24-hour trading volume of $1.97 billion while its market capitalization stands at $10.11 billion. In the past 24 hours, MATIC has surged by a remarkable 8.45 %.
MATIC Poised to Surpass $1.34 Rsistance for Further Uptrend
Polygon’s recent performance has been analyzed by crypto analyst Rekt Capital, and he notes that cryptocurrency has validated its strong macro uptrend. This trend has been backed up by an 83% surge since with a successful retest.
At present, according to Rekt Capital’s analysis as shown in the black line, Polygon is about to test a critical barrier at $1.34. It is worth mentioning that past data suggests a higher upward volatility every time MATIC crosses this vital point.
This implies that for Polygon to maintain its bullish run and keep climbing upwards it will have to not just surpass the resistance level at $1.34 but also transform the same into a solid support zone. This tactical move would mark a fundamental shift in market sentiment which could lead to further advances and cementing MATIC’s position within the crypto landscape.
Furthermore, drawing from the price movements observed in the early stages of 2023, cryptocurrency experts anticipate that the average rate of Polygon will hover around $1.29 by March 2024. Within this projection, it’s anticipated that the minimum price for MATIC could settle at $1.18, representing a potential downside boundary, while the maximum price could reach $1.33, indicating an upper threshold for potential gains.
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