News - Polygon (MATIC): Will Altcoin pass the $1 mark now?
During the recovery in the crypto market, the Layer2 cryptocurrency Polygon (MATIC) increased in value by 90 percent over the past 30 trading days. With a price increase of more than five percent in the past 24 trading hours, MATIC's price has reached its highest value since May 26, making it one of today's top performers among the 100 largest altcoins.
In doing so, Polygon follows the remarkable price increases from Solana (SOL), Chainlink (LINK) and Avalanche (AVAX). The price also benefits from a conversion to the POL multifunctional token. Since late October, investors have been able to convert their MATIC tokens to the POL token, making it easier to transfer their tokens between different chains in the future.
With today's high of USD 0.98, Polygon reached the strong resistance area between USD 0.97 and USD 1.01. After the first session, as expected, there was a price bounce at this make-or-break zone.
If buyers manage to break through this relevant resistance zone in the coming days, then the chart picture will continue to brighten. MATIC's share price should then start moving toward the next relevant resistance zone just below US$1.20. Further gains can be expected here.
If this resistance is also overcome by the end of the day, the next relevant target zone around $1.35 comes into view.
This means that the probability of reaching the maximum price target for the coming weeks near the previous annual high of Feb. 18 at $1.56 increases significantly.
However, if the bulls fail to overcome key resistance around $1.00 in the first attempt, a retake of the zone around yesterday's daily low at $0.85 should be planned.
If MATIC's price also gives up this zone due to continued price consolidation in the overall market, then the support level of US$0.77 will come into investors' focus. Here, bulls will likely want to stabilize the price to avert a correction extending to the support area at US$0.66.
If Polygon proves weak here, contrary to prediction, a repeat of the breakout level at $0.60 becomes increasingly likely.