MATIC Price Jumps 33% This Month! What’s Next For Polygon This Month?

The post MATIC Price Jumps 33% This Month! What’s Next For Polygon This Month? appeared first on Coinpedia Fintech News

The cryptocurrency market has displayed a significant correction of 6.50% in its valuation within the past 24 hours, making it the biggest correction in the industry over the past few weeks. Further, the market leader, Bitcoin, has displayed a loss of approximately 7% within the past day.

The Polygon price has recorded a correction of approximately 9% within the past 24 hours and 1.5% over the past seven days, indicating a bearish week for the crypto token in the market. Positively, the MATIC token has added 33.77% over the past 30 days, highlighting a bullish outlook in the long term perspective.

Polygon Price On The Path To Retest Its Support Of $1?

The MATIC price traded in a consolidated range between $0.9002 and $1.0234 for a brief period, during which it displayed significant fluctuations in the chart. As the market volatility increased, the bulls successfully broke out of the resistance level. However, the rally was short-lived, resulting in the price displaying a neutral trend for the next few days.

After hitting a top of $1.1502, the bulls lost momentum and started trading under a bearish influence. The MATIC token recorded a loss of 16.65% in the chart. After testing its low of $0.9586, the bulls regained momentum and started trading under a bullish influence.

TradingView: MATIC/USDT

The MATIC token jumped 22.57%, after which it lost momentum just above the resistance level of $1.1502. After trading sideways for a while, the bulls regained momentum and successfully broke out of the range. Since then, the price has been trading in a consolidated range.

The Moving Average Convergence Divergence (MACD) displays a constant fall in the red histogram, indicating an increased selling-over-buying pressure in the crypto industry. Moreover, the averages show a significant fall in the chart, suggesting the price will continue losing value in the coming time.

Will MATIC Price Increase?

If the market holds the price above the support level of $1.1502, the bulls will regain momentum and test its resistance level of $1.2184 this week. Further, if the MATIC token continues to trade under a bullish sentiment, it will prepare to test its upper resistance level of $1.2847 over the weekend.

Negatively, if the bears continue to overpower the bulls, the Polygon price will fall to test its support level of $1.0796. Moreover, if the bears continue to hold power, it will plunge and prepare to test its crucial support level of $1.0234.