Ethereum has recorded impressive surges on its charts within the previous week, gaining approximately 50% in six days. The bullish momentum translated to upside movements in most altcoins within the marketplace. Last week, Disney declared choosing Polygon for the Accelerator program. MATIC reacted to the news with solid bullish momentum, gaining nearly 70%. How far can the altcoin rise?
Polygon 12Hr Timeframe
The 12hr chart shows Polygon exhibited massive downtrends into May-June. The downward move emerged in mid-January. Meanwhile, the alternative token formed multiple lower peaks since then, confirming the downside tendencies.
The altcoin has faced two massive resistance levels since May. They stayed around $0.55 – $0.6 and the value area at $0.72 – $0.8. Meanwhile, the previous month saw Polygon posting higher lows and overcoming the previous lower peak. MATIC’s long-term bias overturned bullish last week when the alt climbed beyond $0.6.
While publishing this content, $0.95 to $1 halted further uptrends for MATIC. $0.8 would probably be a demand territory in the upcoming weeks. Lower timeframe market participants would want bulls to defend the price level between $0.86 and $0.88.
Also read:Reasoning
The Relative Strength Index (RSI) hovered beyond the 50-neutral for most of last month’s sessions, with a slight drop to 40. That confirmed that market players anticipated upside price actions over the past few weeks.
Also, the surging price propelled the A/D line higher. That indicated substantial demand behind the ongoing rally. Furthermore, that showed more upside room left for the altcoin. Also, the Moving Average Convergence Divergence flashed a massive bullish momentum while climbing above the zero line.
Final Thought
Last week’s Disney announcement saw the long trade briefly overcrowded. Coinglass revealed MATIC’s short/long ratio at 62% on FTX. Investors can utilize a revisit to $0.86 – $0.9 to purchase the alt, and eye $1.05, then $1.2 as long as Bitcoin keeps in bullish bias.
MATIC enthusiasts should watch Bitcoin tendencies as they can affect price actions within the altcoin space. BTC maintained a northbound outlook today, trading in the green at $23,644. It’s fascinating to witness upcoming trends in the market. Stay tuned.
Editorial credit: Dennis Diatel / shutterstock.com
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