Polygon’s native cryptocurrency, MATIC, has experienced a resurgence in price over the past week, surging back above the psychologically important $1 level. With the token breaking out of key resistance, analysts are eyeing a sustained bull run with the potential for MATIC to reach as high as $2.
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MATIC Surges Past $1 With Strong Momentum
TradingView chart analysis by Coinpedia shows MATIC displaying resilience after a swift recovery, challenging the descending trendline over the past weeks. Significantly, Polygon jumped by nearly 20% last week, exhibiting strong bullish momentum. This revival indicates Polygon could be breaking out past the crucial $1 mark, continuing its uptrend.
Additionally, this month, Polygon’s bullish turn demonstrates expanding momentum amidst the wider cryptocurrency market’s recovery. A rounding bottom formation points to a positive 2024 for MATIC, with the potential to surpass its 52-week high.
The weekly price chart validates this bullish outlook, displaying a rounding reversal pattern and testing the vital $1 psychological threshold. This coincides with a 34% upsurge in trading volumes, forming a prospective double-bottom pattern with a neckline at $1. Hence, Polygon seems poised for a trend reversal.
If bulls maintain control, the anticipated breakout rally could drive MATIC beyond $1, with Fibonacci levels showing possible targets of $1.33 and $1.63. The bullish momentum may propel Polygon’s price toward $2.
Oscillators Confirm Upward Trajectory
As investor sentiment improved more broadly in the crypto markets, MATIC staged a huge 19.63% rally last week. This propelled its price from around $0.85 up above $1 again, reaching over $1.01.
As analyst Victor del Pino noted on the X platform ( formerly Twitter), this bounce synced up with MATIC, leaving behind a head and shoulders bottoming pattern, signaling a bullish trend reversal was underway.
Potential for Sustained Uptrend
In addition to the decisive move above $1, MATIC overcame technical resistance in the $0.98 range that had capped previous attempted rallies, observed del Pino.
With MATIC clearing these key levels, the higher path looks relatively obstacle-free. The trader suggests MATIC may target former high points around $1.08 and $1.12 before setting sights on the $1.50 zone.
Risks Remain Despite Positive Momentum
However, del Pino cautions that threats still lurk that could erase MATIC’s recent recovery. A dip below $0.96 could prompt increased selling activity, risking a price drop towards $0.85.
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Show more +Yet, for now, momentum and oscillators favor further upside for the cryptocurrency. MATIC finally looks positioned to leave its bear market behind, with early signs showing the spark needed to carry the token to fresh multi-year highs above $2 in the year ahead.
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