MATIC Looks To Hit $1 Target After Breaching Major Resistance
October 30 2022 - 4:03AM
NEWSBTC
MATIC didn’t have to wait for Bitcoin to initiate a price rally and
cause the USDT dominance to decline just to have a bullish
momentum. In fact, according to tracking from Coingecko, the
cryptocurrency managed to increase its value by 24.3% over the last
30 days – the same period where most digital currencies struggled
to stay on the green zone. MATIC dumped the block established by
bears at the $0.93 resistance marker The altcoin has increased by
more than 24% over the last month A rally towards the $1 marker is
highly likely At press time, the altcoin is trading at $0.93 and is
up by 11.9% for the past seven days. In a span of 14 days, the
asset was able to tally a 17.4%. The asset was expected by analysts
to experience rejection in attempting to test the $0.92 resistance
marker. MATIC, as it turns out, still had enough kick in it to move
past the crucial barrier and sustain higher price levels at this
moment. Profit Opportunity For MATIC Buyers Starting from the
middle part of July this year, the native token of the Polygon
network was trading at a narrow range between $0.72 and $1.03.
Sometimes, MATIC would settle at $0.88. At the start of this month,
the crypto revisited the lower zone of its price range, giving
bulls the chance to test sellers that resulted in positive gains.
Related Reading: FLOW Diverted By Bearish Current Amid Relative
Inactivity – Here’s Why Source: TradingView Although the A/D
indicator did not have any strong showing over the last few months,
MATIC’s Relative Strength Index was swinging from 30 to 70. The
upper portion of that zone was above the 50-neutral score,
indicating that the asset was always headed for a surge. That
happened, pushing trading price to $0.93 where a bearish block was
established. Bulls did a great job at demolishing this to make the
bullish run possible. In case that the bulls lose their grip, the
cryptocurrency might once again fall to $0.87. This, however, can
be an opportunity for buyers to make profit as it is likely that
MATIC will bounce back and move up all the way to $1, or even
$1.05. Long-Term Forecast Dim Online crypto data provider Coincodex
re-echoed this sentiment with this short-term forecast for the 11th
largest cryptocurrency in terms of market capitalization. Its 5-day
prediction puts MATIC at a trading price of $1, which would mean
another significant climb for the asset that attained its $2.92
all-time high in December of last year. But the long-term
trajectory of the crypto, its 30-day forecast in particular, is not
looking good as it points into a steep fall. Coincodex forecasts
MATIC will likely retreat to $0.56 one month from now. Therefore,
it is imperative for buyers to always keep a close watch on the
asset’s price movement in order to ensure they protect their
interest for gains and profit. Related Reading: THETA Shows Renewed
Vigor – How Far Can The Coin Push Ahead? MATIC total market cap at
$8.2 billion on the weekend chart | Featured image from PhotoDune,
Chart: TradingView.com Disclaimer: The analysis represents the
author's personal views and should not be construed as investment
advice.
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