Why Polygon's MATIC is set to start an uptrend

Polygon price opens near a significant level that bulls will want to test.
MATIC price is at a crossroads with possible 108% gains prospected.
Watch this key level to time the correct entry for the uptrend.

Polygon (MATIC) price is knocking on the door of the $1 handle and could be set to break the ties with the crypto winter. MATIC's price looks very bullish, and a short squeeze could lift bulls above $1 this week and set them up for a very big uptrend that could double the price of MATIC above $2. That means that MATIC is on the cusp of making over 100% of gains in the coming months.

MATIC is right on time to start an uptrend

Polygon price opens this week near a key level as the rally on Sunday brought MATIC bulls just inches away from that $1 handle which is key and crucial for the next coming trading weeks. Specifically, the $1.1 is the key that holds everything as once bulls can start trading at that level, not only has a key pivotal level been broken to the upside, but the 200-day Simple Moving Average (SMA) will be broken as well. That last level can indicate that the crypto winter is over, and bulls can restart their rallies with an overall longer-term uptrend.

MATIC price first will need to break above the 200-day SMA and avoid a rejection against the monthly R1 Resistance level at $1.14. Should bulls be able to avoid that and preferably close this week above that $1.14, an uptrend is set to go forth as the biggest bearish event, the Fed rate decision in September is still over 30 days away. If bulls play their cards right and keep this rally at a gentle pace, expect a possible 108% return.

MATIC/USD Weekly chart

As there are three cap elements so nearby, a firm rejection could be in the making and trigger the next cycle in the crypto winter. As there are three to four bearish levels in just a range of a few cents, a rejection could see a drop towards $0.80 with the 55-day SMA just below. The overall risk is 55% losses should bears be able to regain control and push price action back to $0.44.

Share: Cryptos feed

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.