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MATIC Price Demonstrates Bullishness, Can It Touch $1?

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Stefan

MATIC price demonstrates bullishness, according to the market indicators. The price of MATIC had been moving downward during the previous few days. In terms of price appreciation, the coin hasn’t advanced at all over the past week. However, MATIC saw a 2% boost in its market value during the previous 24 hours.

The price of Polygon MATIC at this time is just below $1. For months, MATIC’s price has been locked below the $1 level. Whenever the bulls began to gain pace, selling pressure was applied to the coin.

MATIC must trade above the $1 level for a considerable period of time in order to totally refute the bearish argument. The technical outlook for the coin has improved, but if buying momentum doesn’t hold steady over the coming trading days, this favorable reading may quickly wane.

The number of buyers on MATIC has surged recently compared to the number of vendors. MATIC pricing still needs to overcome a significant barrier at the $1 level. For some months, the coin has been unable to overcome such opposition. The price of MATIC would drop to $0.74 before maybe rising again with a slight reduction in price.

MATIC Price Analysis

At the time of writing, the altcoin was trading for $0.92. The MATIC price was trading very close to its $1 price level. Bulls attempted to push the price towards the $1 price level at the end of last month, but sellers in the market invalidated their move. MATIC encountered significant overhead resistance at $1.

MATIC price demonstrates bullishness, but for how long?

MATIC Price 24-hour chart. Source: CoinGecko

The altcoin will finally drop to $0.68 after falling from its current price level to $0.73. On the chart, the volume of MATIC traded in the previous session decreased. This reading is related to a decrease in the altcoin’s market selling strength.

MATIC Technical Analysis

Since the middle of last month, the MATIC price of Polygon has significantly recovered. The oversold zone had been visited by MATIC once despite the recovery, and it had also seen more sellers than buyers.

As buyers outnumbered sellers, the Relative Strength Index was slightly above the half-line, indicating bullishness.

The 20-SMA line was above the MATIC price. The altcoin’s price also succeeded in rising above the 50-SMA. Both of these facts suggest that buyers are responsible for the market’s price momentum.

Read the latest Altcoin news.

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