- MATIC price has been indecisive for the last week as it consolidates around the range low at $0.758.
- A resurgence of buyers followed by a successful flip of $0.758 could result in a 20% run-up to $0.906.
- A daily candlestick close below $0.722 will create a lower low and invalidate the bullish thesis for Polygon.
MATIC price continues to consolidate around the range low for more than a week and shows no signs of breaking out. Investors should pay close attention and anticipate the bullish resurgence, which could trigger an explosive move.
MATIC price ready to make some noise
MATIC price crashed 26% between September 13 and September 21 and slipped below the range low at $0.758. Since then, Polygon bulls and bears have been in a fight to take control. So far, there are no discernable signs of an explosive move.
If buyers step up and push MATIC price higher to successfully flip the range low at $0.758 into a support level, it will be the first bullish signal.
The second sign that investors need to pay close attention to is for Polygon bulls to produce a higher high above the recent swing high at $0.784. These developments will indicate a willingness from the buyers’ camp and could be the key to triggering a 20% run-up to the range’s midpoint at $0.906.
Although unlikely, investors should watch for an extension of this move to the range high at $1.05, especially if the market conditions are right. This move by MATIC price would constitute a 40% gain and is likely where the upside is capped for Polygon in the short term.
MATIC/USDT 1-day chart
On the other hand, if MATIC price fails to move past the range low at $0.758, the consolidation might continue until Bitcoin price comes to the rescue. If MATIC price produces a daily candlestick close below the $0.722 support level, it will create a lower low and invalidate the bullish thesis for Polygon. In such a case, the altcoin could crash 10% to retest the $0.647 support level.
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence MATIC price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.