- MATIC shows continued surge signals if the support level at $1.63 and $1.53 hold.
- Transaction data indicated moderate hurdles in bulls’ road towards higher levels past $2.
- A daily candle close under $1.53 will annul Polygon’s bullish thesis.
Polygon (MATIC) seems prepared for another surge as the alt moves beyond a critical resistance level. The alternative tokens look to have more returns for patient investors. Polygon exhibited a bullish stance in this publication.
MATIC Readies for Higher Highs
MATIC price gained approximately 31% after rebounding from a 3-day $1.34 support floor on 15 March. The resultant upsurge overpowered the equal peaks of $1.53, pushing beyond the 3-day resistance zone around the $1.63 mark.
Though the alt encounters a brief slowdown, it remains essential for bulls to gain steam for the next upsurge. MATIC has a higher probability of exploding upside as long as it holds beyond the support barrier of $1.53.
The initial obstacle that Polygon price will encounter stands around the $1.93 resistance area. Overcoming this hurdle will clear the road for bulls to explore the psychological area of $2 and equal peaks set at $2.10. That would mean a 30% surge from the $1.63 value area.
As mentioned above, Polygon should maintain the support at $1.53 to ensure an explosive surge. Also, IntoTheBlock’s GIOM model reveals a similar stance.
Transaction data indicates that investors bought nearly 3.13 billion tokens in the $1.60 – $1.70 range. Thus, a decisive action beneath $1.53 will have these traders out of money, potentially triggering panic sales.
Furthermore, the underwater investors’ clusters around $1.72 and $1.83 appear somewhat weak, and surged buying momentum will likely overcome them.
Meanwhile, new active addresses saw a slight drop within the previous month, to 2,130 from 2,500. MATIC’s on-chain metrics do not comprise anything that might hinder movements towards $2 and higher.
Though Polygon appears bullish, the optimism depends on bulls keeping the support at $1.53. A 24hr candlestick close under this area will form a lower low and cancel the bullish theory. That can see MATIC revisiting the $1.46 mark before rethinking a directional bias.
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Editorial credit: Dennis Diatel / shutterstock.com
