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.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency