- MATIC price flashes multiple buy signals amid recovery from $0.62.
- The transaction history model reveals the absence of a robust supply barrier that may hinder the upswing to $1.
Polygon has gained a whopping 32% following the crash earlier in the week, becoming one of the most-improved altcoins in the market. A buyer congestion zone highlighted at $0.62 ended the bearish dominance on Tuesday. Meanwhile, technical and on-chain levels seem to be aligning for a remarkable upswing beyond $1.
MATIC Price Explodes In A Perfect Storm Aiming For $1
Polygon is exchanging hands at $0.84 at the time of writing. The 32% liftoff from the robust support has squashed the bearish forces, allowing bulls to assume complete control. Note that support above the 50 Simple Moving Average (SMA) on the four-hour chart will ensure that stability is secure as bulls shift the focus to higher levels.
The Moving Average Convergence Divergence (MACD) has a bullish impulse based on the four-hour chart. This call to buy MATIC appeared as the 12-day EMA crossed above the 26-day EMA. Polygon's ongoing uptrend will be validated further as the MACD closes the mean line (0.00) gap and crosses into the positive region.
MATIC/USD four-hour chart
As the bullish drums beat, the Relative Strength Index (RSI) shows that buyers have the upper hand. The narrative is deduced from the RSI's ongoing recovery from the oversold area, above the midline and toward the oversold territory. In other words, bulls are highly aggressive and likely to continue influencing the price.
The SuperTrend indicator recently presented a buy signal on the four-hour chart, taking a red nine candlestick form. This call to buy suggests that buying pressure will likely rocket as bearish forces weaken. With bulls taking charge for an upswing to $1 and beyond, Polygon's bullish signal has already been confirmed.
The SuperTrend indicator affirms the bullish outlook with another call to buy Polygon. Note that this technical tool follows Polygon's trend just like the moving averages but incorporates the average true range (ATR) to calculate volatility, in turn sending bearish or bullish signals. The SuperTrend is vital in trending markets and often helps investors decide whether to short or long an asset.
MATIC/USD four-hour chart
From an on-chain perspective, robust support exists to ensure that Polygon's path with the least resistance stays upward. According to the IOMAP model by IntoTheBlock, 4,600 addresses purchased MATIC around $0.77, making this zone a robust support area. Holding above this area will place Polygon in an upward trajectory.
Polygon IOMAP model
On the upside, the lack of massive resistance areas shows that Polygon could easily take down the levels toward $1.
However, closing the day below the above support at $0.77 could see MATIC lose ground back to $0.62.