POLYGON PRICE ANALYSIS CMP-$0.69: Will MATIC's Price Movement Mirror Bitcoin's Bull Run?

During the market consolidation phase, MATIC is experiencing a remarkable surge in price due to a substantial increase in buying power. In the last 24 hours alone, MATIC witnessed an impressive 8.00% rise, propelling its price above $0.70.

MATIC is currently witnessing a positive rebound, having found support around the $0.50 zone. As its value steadily increases, it is approaching the critical resistance level of $0.72. The bears are expected to vigorously defend this resistance, considering the significance of the 50% Fibonacci retracement level.

However, if there is a successful breakthrough above the $0.72 resistance level, it could open up opportunities for further price recovery. Such an upside breakout would fuel continued upward momentum.

On The Daily Chart:

Polygon  witnessed a substantial rebound from the psychological level around $0.50 on June 10, marked by the formation of a Morning Doji Star pattern. This resulted in an impressive 25% recovery from the previous low. Despite this positive development, it's worth noting that MATIC is currently trading within a Bearish Flag Pattern. However, there are signs of recovery as both the RSI and MACD indicators show improvement from their previous lows.

On The 4-Hour Chart:

Within the 4-hour chart, MATIC is currently confined within the Bearish Flag Pattern. However, there is a possibility of a bullish upswing if it manages to surpass the resistance trendline of this pattern. Such a breakout has the potential to propel the altcoin's price by around 14.00%, leading it towards a significant resistance level near $0.80. Breaking above this downsloping trendline is essential for MATIC to initiate a notable recovery above the $0.80 mark.

According to Price Analysis, The market capitalization of this MATIC is estimated to be $6,489,496,961. The 24-hour trading volume of the coin is around $408,448,843.

KEY LEVELS :

RESISTANCE LEVEL : $0.72-$0.75

SUPPORT LEVEL : $0.67-$0.64

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.