The Polygon (MATIC) has had an impressive bull run over the past couple of days. The coin breaks above the red lines of the EMA, as seen on the daily price chart. On the other hand, MATIC’s trading volume dropped by 42% or $1.1 billion overnight.
The MATIC price went for a bullish run just after breaking through the symmetrical triangle pattern spotted on the upside. It turns out that $1.0 was a critical level to break for a long time, which was a tough challenge for MATIC.
MATIC/USDT currently at $0.93
The MATIC/USDT pair is currently trading at $0.93. The bears are struggling to keep the price of the coin below $1.0. Additionally, Polygon’s price is shooting for the 200 DMA line.
Meanwhile, Polygon’s total market capitalization is down 2.5% or currently stands at $7.4 billion, as seen in the past 24 hours. The trading volume for MATIC also dropped by 42% or to $1.1 billion as seen overnight. The RSI also looks bullish as it successfully rebounded from its lower low.
Despite the bull run, Polygon is struggling to break the $1.0 resistance level. However, a breakout of resistance looms for next week.
Valdrin Tahiri, a top crypto expert, said that Polygon was able to jump from the critical support at $0.74 and was able to cross the resistance line. More so, MATIC aims to test and move the resistance at $0.74 towards the support line.
Polygon will increase from 20x to 60x on the next Bull Run
Tahiri says MATIC is trying to complete the fourth of the five-wave downward move sequence as the coin bottoms out. MATIC is now ready to break the uptrend once the last leg of the five waves completes and targets $1.40.
CryptoFaibik, a popular crypto expert and YouTuber, was able to spot a bullish sequence in the MATIC price chart called the descending breakout of the widening wedge, which indicates the bullish reversal of the coin. The crypto expert has set his sights on $1.97 or a 217% increase in the MATIC price.
According to Michäel van de Poppe, a crypto expert and popular educator, the price of MATIC is expected to increase around 20-60x on the next bullish or uptrend. More so, analysts also saw a bullish streak in the Polygon price chart allowing for exceptional gains.
Merchants and MATIC holders are reaping the benefits of the partnerships and expansion plans that have been announced over the past month.
MATIC total market cap at $7.20 billion on the daily chart | Source: TradingView.com Featured image from Analytics Insight, chart from TradingView.com