Polygon (MATIC) appears to be regaining its vigor and could break above $1 in the coming days.
The price of the polygon is considered to generate massive profits of 108%
MATIC price breaks out near a critical level that bulls are hoping to test
Look at this critical level to catch the uptrend
MATIC price is moving extremely bullish and could push the price above $1, setting the stage for a huge uptrend that could double the price of the coin to $2.
That said, MATIC is set to take up to 100% of the profits in the coming months.
The price of the token opened this week near a key level, as Sunday’s price rally allows the coin to stay close to the $1 range, which is critical in the upcoming trading sessions.
MATIC to break the $1 mark?
The $1.1 mark is crucial once the bulls start trading at that level or break above the 200-day SMA. Once it breaks, this will signal the end of the crypto winter and that the bulls can rally further by toggling on a longer-term rally.
For that to happen, MATIC price will have to break above the 200-day SMA and overcome a rejection spotted at a monthly resistance level of $1.14.
If the bulls manage to stay away from that and end the week in a range above the key resistance at $1.14, that would be the day.
They can avoid and close the week above $1.14, then this indicates an impending uptrend which is seen as a major bearish event, especially with the Fed rate decision still a month away.
If they manage to play by the rules, that would mean 108% in total winnings.
Polygonal bears push price back to $0.44
According to CoinMarketCap, MATIC is down 1.40% or is currently trading at $0.9525 at the time of writing. And it seems that now the bears are regaining traction.
With things in order, a rejection may be close and hint at an upcoming crypto winter cycle. The rejection is seen to be at $0.80 below the 55-day SMA.
In case the bears regain power, MATIC price is at risk of 55% losses and the price pulled back to $0.44.
MATIC was able to reach a high of $2.9 in Dec 2021. But, as the crypto winter started rolling in, MATIC was one of the first to crash hard and even lost as much as 88% or crashed to $0.34 .
As the crypto market enters its recovery phase, MATIC soars 200% in a matter of two months, reaching $1.
The next critical price to target is now $2, which may occur if MATIC manages to break above resistance set at $1.35 and $1.8.
MATIC Total Market Cap at $7.4 Billion on the Daily Chart | Source: TradingView.com Featured Image from CoinCu News, Chart from TradingView.com
This post Polygon Seen Breaking $1 This Week: Can MATIC Start an Uptrend?
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