Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?

newsbtcPublished on 2022-08-17Last updated on 2022-08-17

Abstract

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days. Polygon price is seen to generate massive gains at 108% MATIC price shoots...

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days.

Polygon price is seen to generate massive gains at 108%
MATIC price shoots close to a critical level that bulls are eyeing to test
Set your eye on this critical level to catch the uptrend

MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.
With that being said, MATIC is set to make as much as 100% of gains in the next couple of months.

The token’s price opens this week close to a key level as Sunday’s price rally allows the coin to hover close to the $1 range which is pivotal in the next trading sessions.
MATIC To Breach The $1 Mark?
The $1.1 mark is crucial once the bulls start to trade at that level or breach the 200-day SMA. Once that is broken, this will indicate the end of crypto winter and that the bulls can rally further toggling on a longer-term upswing.
For that to happen, MATIC price will have to breach above the 200-day SMA and swerve past a rejection spotted at a monthly resistance level of $1.14.
If the bulls manage to steer clear of that and end the week at a range above the key resistance of $1.14, then that would be the day.
They can avoid and close the week above $1.14, then this signals a looming uptrend that is considered a huge bearish event, especially with the Fed rate decision still a month away.
If they manage to play by the book then that would mean 108% in total gains.
Polygon Bears Pushing Back Price To $0.44
According to CoinMarketCap, MATIC is down by 1.40% or currently trading at $0.9525 as of this writing. And it seems now the bears are regaining traction.
With the elements in order, a rejection may be nearby and hint a next crypto winter cycle. The rejection is seen to be at $0.80 below the 55-day SMA.
Should bears regain power, MATIC price is at risk of losses at 55% and the price pushed back to $0.44.
MATIC was able to peak at $2.9 in December 2021. But, when the crypto winter starts rolling, MATIC was among the first ones to crash hard and has even lost as much as 88% or a plunge to $0.34.
When the crypto market kickstarts its recovery phase, MATIC soars by a whopping 200% in a matter of two months reaching $1.
The next critical price to target is now $2 which can happen if MATIC manages to jump over the 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

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