- MATIC price has risen 11% over the past 24 hours
- Polygon Looks Prime To Achieve Further Gains
- The $1.35 price level looks to be the next resistance level for MATIC
The MATIC price has risen considerably over the past few hours and has settled just over the $1.28 mark. The rise has been significant with an 11% jump over the past 24 hours and there looks to be further movement on the upside expected.
The market has only just begun digesting the implications of the new $1.2 trillion Infrastructure Bill passed in the Senate. However, the early signs are that the bull run in crypto is to continue, at least for the short term. The Chainlink price appears to be continuing its positive momentum with a considerable increase in buying interest.
Although there is still considerable positive sentiment in the crypto market, things could turn awry if an event dampens enthusiasm. However, this does not yet appear to be the case although things change quite fast with crypto as we all know.
If you haven’t yet bought some MATIC then take a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For MATIC price: Bullish Momentum Expected To Continue
The MATIC Price has risen by at least 70% since its July 20 low of $0.68. This is a considerable push forward and the predictions on a short term level seem to indicate that this positive momentum will continue.
If the bullish thesis continues to prevail, then the MATIC price should begin tagging the $1.30 line quite soon. It then faces considerable resistance at the $1.35 mark which would represent an almost 100% gain from its July 20 low. If the $1.35 mark is superseded, then the next level of resistance should be around the $1.50 mark which would represent a 20% gain from the current price.
A bearish thesis would of course invalidate all this. If the $1.25 support level fails o hold, the MATIC price could start retesting the $1.20 level yet again and even fall below that if a sell of ensues. However, with bulls currently in town, that scenario looks unlikely.
If you’re thinking of getting involved in the crypto market then take a look at these Top Cryptocurrency Brokers.
Long Term Prediction For Polygon: Remaining Bullish
Once the train seems to have started, the MATIC price does seem poised for further upside on a long-term basis. If it overcomes the key resistance levels short term then it could easily regain the $2 level by the end of September.
It remains to be seen how the effects of the Infrastructure Bill will pan out over the next few months and how crypto users will be affected.
As always, pitfalls tend to remain but the overall indicators for Polygon look very positive. The MATIC price looks to be poised for a springboard over the next few months.
Looking to buy or trade MATIC now? Invest at eToro!
Capital at risk
Share
Gerald Fenech
