Polygon MATIC price eyes a higher high

Polygon MATIC price eyes a higher high

 

Polygon MATIC price has been on a massive downswing, indicating the presence of bears. The recent price correction exacerbated the sell-off, leading to a breakdown of the range low.

Polygon price is likely to recover quickly and set off on a journey that slices through critical resistance levels.

MATIC price has not seen a notable higher high over the past 56 days, suggesting the grim nature of the crypto market. From July 7 to July 14, Polygon’s price has crashed 26% to where it currently trades at $0.894.

This sell-off shattered the range low as a deviation but considering the bullish setup seen in BTC price, investors can expect Polygon MATIC price to follow suit and post a quick recovery above $0.894.

If this were to happen, market participants could see Polygon’s price rally to $1 and even retest $1.060, which constitutes an 18% uptrend.

A decisive 6-hour candlestick chart close above $1.060 will confirm the persistent bullish momentum and potentially result in a rally that propels MATIC’s price to $1.178.

On the flip side, a rejection at $0.894 will indicate weak buying pressure. Such a move would likely trigger a 10% pullback to the price of $0.833.

A breakdown of this barrier level will invalidate the bullish thesis and might push MATIC’s price down to a critical support level at $0.777.

This area of demand was crucial in setting off an exponential price uptrend during early May. Therefore, investors can expect Polygon to see some strength around this level.

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