- MATIC price shows a massive spike in buying pressure that has undone the recent crash.
- A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287.
- A breakdown of the support barrier at $0.872 will invalidate this uptrend.
MATIC price showed resilience to the recent market collapse. Buyers scooped up Polygon, after the Tesla-induced correction, pushing it back to pre-crash levels.
MATIC price eyes new record high
MATIC price shows an 18% upswing from the bottom of the crash experienced on late Wednesday and early Thursday. This boost received by Polygon from interested buyers came after MATIC price dipped into the 4-hour demand zone that extends from $0.918 to $1.005.
Therefore, a continuation of this trajectory could take out the recently set up swing high at $1.207. If the momentum persists, MATIC price could set up a new high at $1.287, coinciding with the 161.8% Fibonacci extension level.
Even if the bulls fail to deliver, Polygon will likely reenter the demand zone mentioned above to replenish its momentum. Under extremely bullish conditions, investors can expect MATIC price to tag the 200% Fibonacci extension level at $1.428.
MATIC/USDT 4-hour chart
Regardless of the optimism that rests with buyers, if Bitcoin price crashes again, there is a high chance that MATIC price follows suit. In that case, if Polygon slices through the 50% Fibonacci retracement level at $0.872, it will invalidate the bullish thesis by creating a lower low.
If this were to happen, MATIC price would slide 5.3% to tag the support barrier at $0.828.
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