Polygon Surges Past $1: Analyst Identifies Bullish Signals Propelling MATIC Towards $2

According to technical analysis by Coinpedia, as many as eight bullish indicators emerged on Polygon’s MATIC token charts as prices reclaimed the symbolically key $1 mark. With strong technical and fundamental catalysts now aligning, MATIC appears poised to tackle stiff overhead resistance at $2.

Major Trendline Breakout Back Above $1

In a sign of intensifying buying momentum, MATIC decisively breached its previous range constraint around psychological $1 support. With this level acting as the genesis of numerous breakdowns since 2021, reclaiming this area reflects a noteworthy bullish shift.

The sharp reversal coincided with MATIC surpassing multiple Fibonacci retracement levels that previously capped rallies. With momentum accelerating beyond these fragile points uncharacteristically quickly, reduced selling pressure compounds upside potential.

52-Week Highs Show Renewed Investor Conviction

Adding credence to the breakout, MATIC’s penetration of the $1 mark catalyzed rapidly ascending price exploration. Registering fresh 52-week highs this week underscores revived investor belief after months of lackluster action.

Historically, new yearly peaks tend to beget further highs when backed by strong on-chain and technical catalysts. MATIC checks those boxes emphatically at present.

A recent selection of MATIC for Instagram’s digital collectibles by Meta also shows support from tech giants. There has also been a rise in trading volume.

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The Road to $2 Comes Into Focus

Looking ahead, Coinpedia anticipates MATIC now has space to approach the psychologically-vital $2 barrier. This aligns with the measured move upside target implied by MATIC’s decisive ‘double bottom’ base breakout last month around current levels.

With buying pressure still mounting, key ingredients for an assault on $2 look baked in – namely rising trading volumes, bullish momentum indicators like the daily RSI, and multiple resistance levels showing cracks.

Polygon appears ready to capitalize on these tailwinds to catalyze immense FOMO at scale unseen since previous euphoric peaks. However, at press time, MATIC has dropped below the $1 level amidst the market slump and is trading at $0.95 at press time.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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