MATIC Looks To Hit $1 Target After Breaching Major Resistance

MATIC didn’t have to wait for Bitcoin to initiate a price rally and cause the USDT dominance to decline just to have a bullish momentum.

In fact, according to tracking from Coingecko, the cryptocurrency managed to increase its value by 24.3% over the last 30 days – the same period where most digital currencies struggled to stay on the green zone.

• MATIC dumped the block established by bears at the $0.93 resistance marker
• The altcoin has increased by more than 24% over the last month
• A rally towards the $1 marker is highly likely

At press time, the altcoin is trading at $0.93 and is up by 11.9% for the past seven days. In a span of 14 days, the asset was able to tally a 17.4%.

The asset was expected by analysts to experience rejection in attempting to test the $0.92 resistance marker.

MATIC, as it turns out, still had enough kick in it to move past the crucial barrier and sustain higher price levels at this moment.

Profit Opportunity For MATIC Buyers

Starting from the middle part of July this year, the native token of the Polygon network was trading at a narrow range between $0.72 and $1.03. Sometimes, MATIC would settle at $0.88.

At the start of this month, the crypto revisited the lower zone of its price range, giving bulls the chance to test sellers that resulted in positive gains.

Source: TradingView

Although the A/D indicator did not have any strong showing over the last few months, MATIC’s Relative Strength Index was swinging from 30 to 70. The upper portion of that zone was above the 50-neutral score, indicating that the asset was always headed for a surge.

That happened, pushing trading price to $0.93 where a bearish block was established. Bulls did a great job at demolishing this to make the bullish run possible.

In case that the bulls lose their grip, the cryptocurrency might once again fall to $0.87. This, however, can be an opportunity for buyers to make profit as it is likely that MATIC will bounce back and move up all the way to $1, or even $1.05.

Long-Term Forecast Dim

Online crypto data provider Coincodex re-echoed this sentiment with this short-term forecast for the 11th largest cryptocurrency in terms of market capitalization.

Its 5-day prediction puts MATIC at a trading price of $1, which would mean another significant climb for the asset that attained its $2.92 all-time high in December of last year.

But the long-term trajectory of the crypto, its 30-day forecast in particular, is not looking good as it points into a steep fall.

Coincodex forecasts MATIC will likely retreat to $0.56 one month from now. Therefore, it is imperative for buyers to always keep a close watch on the asset’s price movement in order to ensure they protect their interest for gains and profit.

MATIC total market cap at $8.2 billion on the weekend chart | Featured image from Unsplash, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.