- MATIC price bounced off the range low at $0.721, triggering an 18% upswing.
- If this trend continues, the altcoin will face a resistance confluence at $0.888, which is tough to overcome.
- A daily candlestick close that flips the $0.888 blockade into a support floor will invalidate the bearish thesis.
MATIC price has seen an incredible surge in buying pressure, pushing it higher over the last few days. However, things could turn around quickly as the Bitcoin price shows exhaustion after the recent rally.
MATIC price at an inflection point
MATIC price rallied 18% after recovering above the range low at $0.721 on September 22. This recovery was a signal that the buyers are back. Adding more credibility to this narrative is the shift in directional bias for Bitcoin price, which caused altcoins, including Polygon, to rally higher.
As a result, MATIC price inflated by 18% and is currently hovering around $0.836, waiting to establish the next trend. However, the volume profile shows that the highest volume between April 26 and October 5 was traded at $0.888, coinciding with the range’s midpoint.
Therefore, an attempt to push higher would be foiled by this blockade. Adding more salt to this wound is the declining bearish momentum in the big crypto. Hence, investors should expect a pullback in the near term.
The apt level for a retest is the immediate support level at $0.785. However, if the sellers do not pause, MATIC price could slide to retest the range low at $0.721. If the support is defended successfully, buyers can once again step up and give the uptrend another attempt.
MATIC/USDT 1-day chart
Regardless of the bearish possibility, investors should note that Bitcoin price could consolidate and continue its ascent. Such a development could cause MATIC price flip the $0.888 blockade.
This development would indicate a resurgence of buyers and invalidate the bearish thesis for Polygon. In such a case, MATIC price could head higher and retest the range high at $1.055.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence MATIC price
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
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
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.