Polygon’s MATIC Needs to Flip This Level into Support to Continue Upside Following +80% Gain
Polygon’s native cryptocurrency, MATIC, has been on an upward trajectory, confirming a new macro uptrend according to the well-respected crypto analyst, Rekt Capital. The token has already gained an impressive 83% since successfully retesting a critical support level, indicating a shift in market sentiment and growing bullish momentum.
However, as MATIC approaches the $1.34 mark, it faces a significant hurdle. This price level has historically acted as a major resistance zone, where selling pressure has overwhelmed buying demand, making it challenging for the token to sustain its upward momentum beyond this point.
Resistance levels are crucial areas on price charts where a concentrated supply of sell orders exists, often representing a psychological barrier for traders and investors. Conversely, support levels are price points where demand tends to outweigh supply, providing a potential floor for the asset’s value.
Rekt Capital’s analysis highlights that MATIC has experienced substantial upside volatility once it has breached the $1.34 resistance level in the past. This suggests that if MATIC can successfully “flip” this level into a new support zone, it could pave the way for further gains and sustained upward momentum.
Flipping a resistance level into support is a critical event in technical analysis, as it signifies a shift in market dynamics. When a previously resistant price point becomes a support level, it suggests that buyers have gained control and are willing to step in and purchase the asset at that level, preventing it from dropping further.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +For MATIC to continue its upward trajectory, it must overcome the selling pressure at the $1.34 level and establish it as a new support zone. This would not only solidify the macro uptrend but also potentially attract more buyers, as breaching a significant resistance level often generates increased interest and bullish sentiment.
Traders and investors will closely monitor MATIC’s price action as it approaches the $1.34 level, looking for signs of whether it can successfully flip this resistance into support. A successful flip could open the door for further upside potential, while a failure to breach this level could signal a potential reversal or consolidation period.
You may also be interested in:
- Floki Burns More Tokens Than Shiba Inu (SHIB), PEPE, Dogwifhat (WIF), and Other Top Meme Coins Combined
- Why is Paysenger EGO (EGO) Token Price Pumping? Expert Sets His Eyes On This Next Target
- New Cryptocurrency Opportunity at $0.0115 For Investors who Missed Shiba Inu and Dogecoin (DOGE) Rally
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
