• Polygon price saw a bullish uptick this morning as buying volume increased massively.
  • MATIC price action is lifted above the orange ascending trend line, rebooting the uptrend.
  • With just two technical resistances in the way, new all-time highs could be in the making.

Polygon (MATIC) saw a significant upswing in buying volume this morning as bulls were able to push price-action back above the orange ascending trend line, which has acted as the backbone of a long-term uptrend. Given the Relative Strength Index(RSI) is still only  at 50, bulls have plenty of room to push MATIC price even higher before it becomes overbought. An additional incentive for investors to sit on their hands and not book any profits preemptively is that this rally could hit new all-time highs at $2.90.

MATIC price could rise to record highs 

MATIC price bounced off the $1.75 level that goes back to June 7 and has seen excellent resistance and support. The level acted as a launching platform on Tuesday and sees a continuation of that uptrend today in the European session. With that continuation, bulls were able to push MATIC price action back above the orange ascending trend line that acted as a backbone for the continuing uptrend. 

As the bull trend further unfolds, expect to see some profit-taking along the way with the R1 resistance level at $2.15 and a historical resistance level at $2.48, together with the R2 resistance and the R1 from the previous month. The last level will be an important one where there is an increased risk that MATIC price action will start to fade under some profit-taking pressure. As long as investors can keep sitting on their hands, expect a further push, hitting new all-time highs at $2.90 by the end of this week.

MATIC/USD daily chart

MATIC/USD daily chart

If a catalyst event would turn out to be a negative trigger, for example, the FED rate decision this evening, expect a pullback towards $1.75 and a downward spiral move towards $1.57. Depending on the central bank's hawkish tone, expect either for $1.57 to hold  – like it did on December 4 – or for it to break and price to hit the monthly S1 support and 200-day Simple Moving Average at $1.43.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP