After the bullish run that started on 21 July, MATIC/USD ceases its price actions near the resistance at $1.70. The alternative coin retreated towards the $1.28 support as it gathers momentum for a new bullish trend. Buyers aim to hit the $1.95 mark.
Polygon Recap
The previous sessions had analysts suggesting MATIC purchases when the coin retreats towards the $1.28 or $1.50 zone. Meanwhile, profit-taking can be in the $1.70 and $1.83 price levels. The asset retreated towards $1.28 as projected. Moreover, MATIC had its price hitting the targeted profit-booking at $1.70 as the asset traded at $1.78.
According to the daily chart, MATIC/USD explores the price zones beyond the resistance at $1.70. While writing this content, the pair hovers around $1.708, beneath its previous high on 5 September at $1.79. For now, the virtual asset consolidates around the $1.70 price level. MATIC turns this zone into its new support area.
MATIC Recent Surge
MATIC/USD has registered price upticks as the altcoin market saw upsurges in the past few weeks. For instance, altcoins such as Ethereum (+24.16%), Cardano (+3.02%), and Binance Coin (+5.32%) saw massive price upticks over the past seven days. Polygon rose by 23.84% at the same time, though it has lost 3.24% since yesterday.
Polygon appears to benefit from the booming Dei and NFT marketplace. However, MATIC received an additional boost following the news that it will create a decentralized autonomous platform for its members. The 19 August reports had MATIC/USD surging towards the resistance located at $1.70.
Trade Analysis
After cracking the resistance at $1.70 and flipping it as support, analysts believe that MATIC/USD will extend its upside price actions. Also, the recent bullish run in the alt market will support Polygon’s surges. Also, the recent developments in the Polygon network support the bullish narrative. If MATIC/USD maintains over the ascending trend-line, the token can be a better buy.
Levels to Consider for Buy Entries
1.70- the immediate level under MATIC/USD’s prevailing trading area of $1.704. The $1.70 level served as the asset’s resistance before turning it to support following the recent price retreat. If the pair fails to crack this zone towards a lower level, it can be a chance for a buy trade.
1.50 – the previous support. MATIC would hit this zone as its following support if it breached the price level at $1.70. With that, the token will be in a buy trade.
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