- Polygon price sees uptick since November 17, bulls slowly but surely building up steam
- MATIC price sees bulls attempting to regain monthly pivot at $1.80.
- Once bulls can close above $1.80, expect a rally towards $2.48.
Polygon (MATIC) price has been rising despite most cryptocurrencies having been on the back foot these past few days. With this uptick, bulls are now trying to consolidate and perform a daily close above the monthly pivot. Once they clear that hurdle, bulls have a reasonably easy rally up towards $2.48, with the potential for 38% of gains.
MATIC price sees bullish uptrend holding 38% gains
MATIC price shows a continuation of further bullish price action with a slight acceleration. The uptrend started a week earlier in quite challenging circumstances related to headwinds in global cryptocurrencies. The Relative Strength Index (RSI) already signals bullish action since November 19. In the meantime, investors have recovered the historical $1.57 level and added the 55-day Simple Moving Average (SMA) to their support arsenal.
MATIC price shows a slight slow down for the moment as bulls are trying to regain control of the monthly pivot, but seeing the price action between November 11 and November 15, this level was in the past very well defended by bears, suggesting they may have difficulty breaking above it. Those same bears are putting up a fight at the moment, preventing bulls from regaining control of $1.80. Hence it will be essential to see bulls making a daily close above the pivot, which would then prove bears had capitulated Following that, further downside, would likely be limited..
MATIC/USD daily chart
As both Bitcoin and Ethereum see some bullish price action, expect more tailwinds to start to emerge while headwinds fade, giving bulls a hand at gaining control of the monthly pivot at $1.80. Once through there, it is quite an easy road towards $2.48, which is next to a historical level and the monthly R1 resistance level. Further upside potential will by then depend on the sentiment and mood in the global cryptocurrency space but will probably see a halt in the rally as the RSI will have entered overbought territory.
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
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.