- Polygon’s 65% crash has MATOC hovering at a steady support barrier.
- A potential bounce off the support floor at $1.01 might catalyze a 44% upsurge to $2.89.
- A daily candlestick closing under $0.745 will cancel MATIC’s bullish thesis.
Polygon price contemplates a swift upward move as it approaches a crucial support floor. A bullish resurgence will boost this narrative by adding tailwinds that could propel the alternative token towards new highs.
MATIC Price Ready to Explode
Polygon had its price setting an ATH of $2.70 during the May 2021 bull cycle. However, the alt witnessed a nearly 72% crash to form the significant swing low near $0.745. However, a swift 227% upsurge followed the plummet within the following 72 hours, leading to the $2.435 local high.
Since then, the alt has traded inside the $0.745 – $2.435 range. According to the chart, the crypto sept the range’s low before triggering a 370% surge to create the $2.92 all-time high on 27 December 2021, matching the -27% retracement area.
Such developments usually emerge in ranging markets, where sweeping one limit welcomes massive rallies to the opposite. MATIC notes a nearly 65% drop after sweeping the $2.43 range high, exploring the current value area at $1.08.
Surprisingly, MATIC bulls appear to have stepped up in this area, creating a double bottom around the support barrier of $1.01. Thus, Polygon enthusiasts can prepare for rallies, origination from the current levels.
The resulting upswing may propel the alt towards the 50% retracement zone near $1.59, comprising a 44% surge for MATIC’s current position. Massive actions by bulls would see MATIC revisiting the hurdle at $2.89, resulting in a 163% ascent for the altcoin.
The 30-day MVRV mode supports Polygon’s bullish outlook. This index assesses the average loss/profit of individuals that purchased Polygon within the previous month.
For now, the metric hovers at -18%, suggesting losses for near-term holders. Long-term investors accumulate in these situations due to lessened sell-off risks. For that reason, MATIC price can print a base near the support at $1.01.
Though things seem optimistic for MATIC, a 24-hour candle closing beneath $0.745 will annul the range plus the bullish narrative for the Layer2 token. Polygon can decline to $0.467 because of inefficiency, stretching between $0.621 and $0.467.
Editorial credit: FellowNeko / shutterstock.com
