- MATIC price majestic mid-week recovery stalls at $0.9, but bulls focus on $1.2.
- Robust support highlighted by the IOMAP model adds credence to the bullish outlook.
Polygon has been on the lookout for gains above $1 following the recovery from massive support established at $0.62. This buyer congestion zone came in handy, allowing bulls to take control in the wake of losses that have been unstoppable since the all-time high of $2.7.
At the time of writing MATIC price is trading at $0.88 after running into acute resistance at $0.9. In addition, its immediate upside has been capped by the descending channel's upper trend line, as shown on the 12-hour chart.
MATIC Price Must Close The Day Above $0.9 To Validate The Uptrend
The trend reversal from support at $0.62 led to the recovery among altcoins on Wednesday, with Polygon growing by over 30%. As reported, the rendezvous for bulls was $1, but resistance at $0.9, and reinforced by the descending parallel pattern, appears to delay the mission.
Nonetheless, the Moving Average Convergence Divergence (MACD) indicator has a bullish impulse. As the MACD follows MATIC's trend, it calculates its momentum. Calls to buy or sell the token are presented as the moving averages oscillate in the direction of the trend.
For instance, a call to buy Polygon appeared as the 12-day EMA crossed above the 26-day EMA. The odds for a bullish narrative will keep soaring in the coming sessions as the divergence between the moving averages widen. Additionally, more buyers will be called into the market as the MACD clears the distance to the mean line (0.00).
MATIC/USD 12-hour chart
A daily close above $0.9, and by extension, the upper boundary of the ascending parallel channel will trigger more buy orders as investors speculate Polygon's uplift beyond $1. The most formidable milestone is to trade past $1.2, a move that will place MATIC on a trajectory to $2.
Firm support has been established between $0.76 and $0.78, as highlighted by IntoTheBlock's IOMAP on-chain metric. Nearly 3,200 addresses previously purchased 1.9 billion DOGE around $0.77, making this range support crucial. Therefore, holding above this buyer congestion zone ascertains that Polygon's slightest resistance path is upward.
MATIC IOMAP on-chain model
On the upside, the absence of a robust resistance means that a minor boost could see Polygon make haste above $1 while closing the distance to $2.