- MATIC has its price nearing the demand zone at $1.44 – $1.53.
- Technical viewpoints and on-chain metrics support bullish actions towards $2.
- A 24hr candlestick close beneath $1.44 will cancel MATC’s bullish thesis.
Polygon (MATIC) shows exhaustion signals, but the alt nears a steady support floor that might be crucial in catalyzing an upward move to new ATHs. On-chain metrics like transactional data support an upside action to new record highs by the altcoin.
Polygon Reveals Bullish Pattern
MATIC price formed a range that stretched between $1.24 and $1.69 following a 36% rally from 24 February to 2 March. The resulting swing peaks and low created serve as a local high and bottom, respectively.
The latest uptrend that translated to a 21% uptick in Polygon from the $1.44 mark attempted to overcome the topside border at $1.69 but could not push through. That resulted in MATIC bears taking over, translating to an 11% fall so far.
Surprisingly, the alternative token has the demand zone at $1.44 – $1.53 acting as MATIC’s launching pad. Enthusiasts can anticipate a colossal bounce after Polygon retests the mentioned support zone to propel MATIC past the $1.69 range high. Success in flipping this zone will clear the road for a $1.87 revisit.
However, overpowering this ceiling will put MATIC on a resistance-free road towards its $2.90 ATHs before stretching to $3.
The IntoTheBlock’s GIOM model supports the upward move by Polygon. The index shows that approximately 35,000 addresses that bought roughly $3.24 billion of Polygon coins at a $1.65 average price stay out of money.
The underwater investors’ clusters above this zone are somewhat meager and will unlikely pose threats to MATIC’s upsurges. Surprisingly, this proof corresponds with the optimistic picture from a technical view.
Meanwhile, MATIC price will rely on BTC despite the bullishness from a technical view. A sudden Bitcoin price dive will drag alts lower. Such a move can see Polygon forming a daily candle close under $1.44, canceling its bullish thesis. That can see the alternative coin plummeting towards the $1.24 range lows.
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