MATIC Price Analysis: Polygon Bulls Launch Attack Mission To $2
- MATIC price secures support above, as bulls start gaining traction in the direction of $2.
- As the 50 SMA crosses above the 100 SMA, the odds for another leg up escalate.
- Network activity seems to lag behind the majestic recovery, hinting at a possible stall.
Polygon bulls have this week propelled the price to levels not seen since June. The impressive strides were made after the barrier at $1.1 gave to a rising bullish wave. In addition, investor interest seems to have soared amid speculation for gains above $2 and perhaps toward the all-time high of $2.77 in the term.
Initially, MATIC lifted to $1.5, but a correction took place, trimming the gains to $1.25 on Thursday. The 200 Simple Moving Average (SMA) provided Polygon with the much-needed support, propping the bulls for another run-up.
Meanwhile, Polygon has recoiled above $1.4 and is trading at $1.42 at writing. On the upside, bulls gaze at cracking the hurdle at $1.6, a move that may catapult the price to $2.
MATIC Price Renews The Uptrend
Polygon bulls are back in the cockpit, accentuated by the immediate rebound above $1.4. The Moving Average Convergence Divergence (MACD) confirms the bullish outlook on the 12-hour chart. The uptrend will gain more traction as the MACD moves higher within the positive region. A buy signal presented in July must also hold to ensure investor interest remains intact.
MATIC/USD 12-Hour Chart
Realize that the Relative Strength Index (RSI) managed to hold at 70, averting a retreat into the neutral. This shows that bulls are entirely in control and ready to rock the price higher. Perhaps another break past the barrier at $1.6 would see MATIC close in on $2.
Polygon’s uptrend seems to have been validated by the presence of robust support, as highlighted by the IOMAP on-chain metric. This index by IntoTheBlock reveals that 4,600 addresses previously purchased 639 million MATIC around $1.28. As long as this support remains intact, selling pressure will be absorbed, allowing bulls to focus on lifting the price to $2.
The absence of a formidable seller congestion zone that could delay the uptrend aligns the cards for a massive bullish outlook in the near term. However, buyers must focus on slicing through the minor barrier at $1.45 to give way to the anticipated breakout.
Polygon IOMAP Chart
Looking At The Other Side Of The Picture
Despite Polygon have robust support behind it, on-chain metrics by IntotheBlock show that the uptrend may fail to accomplish the targets. This follows a slight dip in the number of new addresses joining the network. Similarly, the addresses joining Polygon have also plunged in the last 24 hours, pointing at the uptrend’s likelihood of stalling.