Polygon Price Analysis: A 10% price rally could see MATIC realize equal highs

  • Polygon price analysis highlights MATIC’s recent 12 percent price rally.
  • The recent price rally comes after the July 2 price dip, hinting at a continuous surge.
  • MATIC shows signs of a minor price retracement before embarking on a 10 percent bull run.
  • A decisive close below the $1.034 support line could see Polygon invalidate all bullish prospects.

At the time of writing, Polygon’s price action is capped by a critical resistance barrier that keeps it from surging higher.

Polygon Price Analysis: General price overview

Since June 22, Polygon has tried over 5 times to break out above this critical resistance level. However, the crypto coin has not been fortunate to bypass it. Therefore, the ongoing price rally might face a similar price rejection at the same resistance level, preventing a surge past this critical barrier.

On June 22, Polygon price movement formed a local bottom at $0.93 before registering a 35 percent price rally. This price surge saw Polygon breakout above the $1.24 resistance line. Despite the positive price movement, this price rally was not supported by Polygon bulls, which led to its eventual price dip. At present, the $1.235 price region is emerging as a critical resistance barrier that needs to be flipped for Polygon to realize higher highs.

So far, MATIC has surged by approximately 12 percent after forming a $1.043 swing low on July 2. Despite the positive price rally, Polygon met resistance at the $1.165 price barrier, leading to a price retracement. According to critical technical indicators, Polygon has to experience brief price retracement before resuming its price upsurge. MATIC could register an 11 percent bull run in such an event that could see the crypto coin retesting the $1.235 resistance barrier.

If everything goes well, MATIC could register a 4-hour candlestick close above the $1.235 resistance barrier, indicating the re-emergence of buyers. The resurgence of buyers means Polygon could surge higher towards the mid-point price range at $1.32. Readers should keep in mind that this is a prediction; a price rejection at $1.235 is also possible for the crypto asset.

Polygon price movement in the past 24 hours

According to the 24-hour price chart, it seems Polygon is in a tight spot after failing to surge past the critical resistance level. At present, the crypto coin risks closing the day below the $1.00 mark. In case this happens, Polygon could register new lower lows. At the time of writing, Polygon is exchanging hands at around $1.1143.

Polygon is one of the few cryptos being considered promising projects in the crypto sphere. Despite this, the crypto coin appears to be facing severe pressure as it lost 12 percent of its value over the last 7 days. Due to this price action, Polygon is emerging as one of the worst-performing top 20 crypto assets in the market. At present, MATIC’s market capitalization has plunged to $6.7 billion. Additionally, the crypto asset is now ranked as the 16th most significant crypto asset in the market.

Polygon 4-hour chart

Polygon Price Analysis: A 10% price rally could see MATIC realize equal highs 1
Source: TradingView

If Polygon investors and traders continue to book for-profits, Polygon’s immediate demand line at $1.183 could be breached. If this happens, Polygon’s bearish narrative could continue up to the next support barrier at around $1.034. Polygon bulls should avoid MATIC from breaking down past the $1.034 level, as such a move would invalidate all bullish prospects. Such a price action could see Polygon retesting the $1.004 support floor.

Conclusion

On June 30, Polygon announced the integration of yield developments vaults on the Matic platform. Formerly known as Matic Chain, the blockchain platform announced it would invest some $50 million in MATIC tokens to the project. This move shows the crypto coin and blockchain network is positioning itself to become an Ethereum scaling aggregator.

News Source