Polygon (MATIC) Bulls Regain Ground, Targeting $1.70

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  • MATIC’s price outlook displays more upward potential following a few bullish signals.
  • The alt broke above previous resistance zones and might explore the weekly peak around $1.70.
  • However, a downward move beneath the $1.44 value area may invalidate MATIC’s bullish thesis.

Polygon price saw upside moves after forming a Morning Star candle on the daily chart. Meanwhile, bulls maintaining the upward strength will see MATIC targeting a higher level at $1.60, then $1.65. Nevertheless, broader market sentiment remains critical for the token’s directional bias.

MATIC Ready for Upside Rally

Polygon price reclaimed substantial grounds as bulls seem to push higher on its daily chart. The Relative Strength Index validates the buying momentum as the indicator bottom around the 40 areas. The next move for Polygon price is flipping the $1.45 – $1.50 week’s supply area into support. Meanwhile, MATIC price consolidating beyond this resistance zone would propel MATIC higher, challenging bears in the $1.60 – $1.65 range. Further upswings will see Polygon challenging the weekly peaks around $1.70.

Though MATIC seems to favor bullishness, bears still have a chance to regain control. Polygon’s failure to form a 24hr close beyond the weekly supply area will see the alt resorting to downtrends. Meanwhile, failing to surge and test this week’s supply area might show MATIC’s latest price moves is a portion of a near-term Sucker’s Rally.

However, testing today’s opening price around $1.44 will be the initial bearish sign to cancel the highlighted bullish narrative. Such a case may see the altcoin diving towards the $1.37 swing low. Moreover, MATIC can drop to gather liquidity beneath $1.24, resulting in a 17% drop from Polygon’s current price.

For now, MATIC price eyes $1.70 as bulls seem to regain ground. The alt showed bullish signals after overcoming previous resistance zones. The token might climb towards the targeted levels with fewer hurdles. Nevertheless, buyers need to prevent drops below $1.44 to ensure the optimistic narrative is in play. Polygon’s native token launched upside actions after forming a Morning Star candle on the daily chart. Nevertheless, the altcoin might depend on the overall market sentiment for its upcoming moves.


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