Altcoin Rally On The Horizon! MATIC Price Poised For A Rebound To $1.10?

The post Altcoin Rally On The Horizon! MATIC Price Poised For A Rebound To $1.10? appeared first on Coinpedia Fintech News

The altcoins continue their struggle to break out of their important resistance levels, indicating a strong bearish influence in the crypto market. On the other hand, top tokens have displayed a bullish move, suggesting a high possibility of a potential altcoin rally soon.

The Polygon price started the year positively as it reclaimed the $1 mark, but the rally was short-lived, as the bears overpowered the bulls, resulting in a plunge of approximately 19% in value. After this, the MATIC token traded sideways for a while, indicating a weak price action for the coin.

As the market volatility grew, the price recorded another drop of 8.5%, but the bulls held the price above that level, resulting in a bounce back. After trading sideways for a while, the bulls regained momentum and recorded a jump of approximately 20% in valuation before facing rejection at $0.9458.

TradingView: MATIC/USDT

Following this, the price constantly traded in a descending channel pattern, highlighting a strong bearish influence in the market. After testing its low of $0.7572, the bulls attempted a breakout, but the bears pulled back the price, resulting in a breakdown.

The MATIC coin price traded between $0.7032 and $0.7572 for a period, following which the bulls regained momentum, and the price broke out of the resistance level at $0.7572.

Since then, the price has been trading in a closed range between $0.7572 and $0.8271, indicating weak buying and selling pressure in the market. 

Will MATIC Price Reclaim $1 This Month?

The Moving Average Convergence Divergence (MACD) records a neutral trendline, highlighting reduced buying and selling pressure in the market. Further, the averages show a bullish convergence, suggesting a positive price action for MATIC tokens in the coming time.

If the Polygon price breaks out of the resistance level at $0.8271, it will regain momentum and test its upper resistance level of $0.8872 over the weekend. Moreover, if the market maintains the price at that level, MATIC price will prepare to test its resistance level of $0.9458 during the week ahead.

Conversely, if the bears overpowered the bulls, the MATIC token would lose momentum and fall to test its support level of $0.7572. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.7032 in the coming days.