|

MATIC bulls crawl out of ditch, rebooting Polygon uptrend towards $2.5

  • Polygon price sees uptick since November 17, bulls slowly but surely building up steam
  • MATIC price sees bulls attempting to regain monthly pivot at $1.80.
  • Once bulls can close above $1.80, expect a rally towards $2.48.

Polygon (MATIC) price has been rising despite most cryptocurrencies having been on the back foot these past few days. With this uptick, bulls are now trying to consolidate and perform a daily close above the monthly pivot. Once they clear that hurdle, bulls have a reasonably easy rally up towards $2.48, with the potential for 38% of gains.

MATIC price sees bullish uptrend holding 38% gains

MATIC price shows a continuation of further bullish price action with a slight acceleration. The uptrend started a week earlier in quite challenging circumstances related to  headwinds in global cryptocurrencies. The Relative Strength Index (RSI) already signals bullish action since November 19. In the meantime, investors have recovered the historical $1.57 level and added the 55-day Simple Moving Average (SMA) to their support arsenal. 

MATIC price shows a slight slow down for the moment as bulls are trying to regain control of the monthly pivot, but seeing the price action between November 11 and November 15, this level was in the past very well defended by bears, suggesting they may have difficulty breaking above it. Those same bears are putting up a fight at the moment, preventing bulls from regaining control of $1.80. Hence it will be essential to see bulls making a daily close above the pivot, which would then prove bears had capitulated Following that, further downside, would likely be limited..

MATIC/USD daily chart

MATIC/USD daily chart

As both Bitcoin and Ethereum see some bullish price action, expect more tailwinds to start to emerge while headwinds fade, giving bulls a hand at gaining control of the monthly pivot at $1.80. Once through there, it is quite an easy road towards $2.48, which is next to a historical level and the monthly R1 resistance level. Further upside potential will by then depend on the sentiment and mood in the global cryptocurrency space but will probably see a halt in the rally as the RSI will have entered overbought territory. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.