Polygon (MATIC) price has been on the uptrend over the past week. CoinGecko data shows that the price of the coin has risen by 5.0% over the past 7 days, hitting $1.40. The coin is now ranked #9 in terms of market cap. MATIC is the native token of the Polygon network, which offers a scaling solution to the Ethereum blockchain. At the time of writing, CoinGecko data showed that the price of the token had risen by 5.2% over the past 24 hours.
Also read, OpenSea’s Polygon NFT Sales Top Ethereum for Second Straight Month
The weekly price chart of the coin shows that the coin’s recovery to the $1.31 level was a key event for the resumption of a new uptrend. The level corresponds to the important 0.383 Fib retracement level of the whole downtrend movement from the all-time high.
It also acted as the support level in early 2022 but the coin lost this in April. It instead turned into resistance and rejected the MATIC price in October and November.
The event coincided with the rejection of the long-term falling resistance line created from the all-time high of $2.92 in December 2021. The line was broken last month and it was one of the first signals of a long-term trend reversal.
MATIC price hit a local peak of $1.57, very close to the 0.5 Fib retracement level. The weekly RSI of the coin also entered the overbought area at 70 but did not surpass it. The bullish trend of the coin is most likely to continue as there are no signs of a reversal.
With MATIC currently trading at $1.40, the next targets for the resistance levels are $1.69 and $1.93. These correspond to the 0.5 Fib and 0.618 Fib retracement levels respectively and important horizontal levels.
Polygon (MATIC) Price will Rise After Correction
The Polygon daily chart gives a more detailed view of the short-term price action. To learn more about time frames when reading crypto charts, click here.
The chart shows that the bearish divergence that has been forming since mid-January has already played out. MATIC price resumed an upward movement after validating the $1.16 level as support.
After hitting a local peak of $1.57, a correction to the $1.25-$1.31 area will happen. The range corresponds to the 0.383 Fib retracement level of the whole upwards movement recorded this year. It will also validate the $1.31 level as support.
The Polygon network is also rising in popularity as an alternative to the Ethereum blockchain for NFT minting. Donald Trump, the former US president launched a collection of 45,000 NFTs in December last year on the Polygon network.
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