The cryptocurrency industry continues to trade under a strong bullish influence, resulting in top altcoins adding significant value to their portfolio. Following the Ethereum price breaking out of its important resistance level, major alt tokens have recorded massive price action.
Following the price pump, the MATIC price traded in a closed range between $0.6190 and $6825 for a brief period. After multiple attempts, the price successfully broke out of the range and displayed a jump of approximately 7% before facing rejection at $0.7267.
After experiencing a minor correction, Polygon price regained momentum and recorded a jump of over 18% in value. The price then traded in a closed range between $0.7883 and $0.8605 for a while following which the bulls recorded another jump of 14.5%.
The price recorded a new yearly high of $0.9846, following which it was rejected. Polygon MATIC price displayed significant fluctuations in price before losing momentum and recording a loss of 21% in value.
Polygon traded in a consolidated range between $0.7267 and $0.7883 for over a week, after which the bulls regained momentum and made a run to test its resistance level of $0.8605. After multiple attempts, the bulls successfully broke out of the range and have recorded a jump of over 8% recently.
Will MATIC Price Hit $1 Soon?
The Relative Strength Index (RSI) has recently breached out of its overbought range, indicating a massive buying pressure in the market. Further, the averages show a constant rise, suggesting the price will continue gaining value this week.
If the bulls hold the price above the support level of $0.8605, the price will continue to gain momentum and prepare to test its resistance level of $0.9278 soon. Further, if the market maintains the price at that level, it will set the stage for Polygon to attempt to test its upper resistance level of $0.9846.
Conversely, if the bulls lose momentum, the price will start trading under a bearish influence and test its support level of $0.8605. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $0.7883 by the coming week.
