Resistance

Polygon

Spot

Polygon Price Analysis: MATIC, the native cryptocurrency of polygon blockchain witnessed a renewed demand pressure since mid-May showcasing a V-shaped reversal from $0.643. This recovery uplifted the asset value by 11.8% to currently trade at $0.718. The bullish momentum in the crypto market is accelerated by the market excitement towards potential approval of <a href="https://coingape.com/price/polygon/" rel="noopener noreferrer nofollow">Spot ETH ETF</a> blistering further recovery in the sector.
Also Read: Breaking: <a href="https://coingape.com/wisdomtree-secures-fca-approval-list-bitcoin-ether-etp-lse/" rel="noopener noreferrer nofollow">WisdomTree Secures FCA Approval To List Bitcoin, Ether ETPs On LSE</a> 
<h2 id="b-ethereum-leads-bullish-sentiment-in-altcoins-as-sec-etf-approval-looms-b">Ethereum Leads Bullish Sentiment In Altcoins as SEC ETF Approval Looms</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/c/Cwhm7ajB.png" alt="BINANCE:MATICUSDT Chart " width="1815" height="772">
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 Polygon Price Analysis| Tradingview
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Over the past six weeks, the price of <a href="https://coingape.com/markets/polygon-price-forecast-will-the-symmetrical-triangle-spur-a-bullish/" rel="noopener noreferrer nofollow">Polygon</a> (MATIC) has been oscillating between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times off both levels, suggesting a lack of dominance from buyers and sellers. However, a closer examination of the daily chart reveals a formation of higher lows through candle wicks, which indicates a gradual increase in buyer influence over the asset.
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 Additionally, the broader cryptocurrency market has experienced a surge in buying momentum this week, primarily driven by the expected approval of <a href="https://coingape.com/ethereum-whales-have-yet-to-participate-in-eth-price-rally-further-upside-possible/" rel="noopener noreferrer nofollow">Ethereum</a> ETFs by the SEC. This has favorably impacted MATIC’s price, positioning it to potentially breach the $0.768 resistance level. 
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A successful breakout, confirmed by a daily candle closing above this level, could unleash build-up bullish momentum and pave the way for a significant upward move. Should the <a href="https://coingape.com/price/polygon/" rel="noopener noreferrer nofollow">MATIC price</a> break out successfully, it could surpass the $0.85 mark and aim for $0.95, potentially yielding a gain of 24%.
<img decoding="async" src="https://s3.tradingview.com/snapshots/q/qSQQh9K6.png" alt="BINANCE:MATICUSDT Chart Image by sahilmahadik07">
However, it’s important to note that on the weekly chart, MATIC is forming a symmetrical triangle, suggesting that the broader trend may remain sideways. Nonetheless, a decisive breakout above the triangle’s upper boundary would be crucial in confirming a major bullish trend.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB indicator: The flattish trend of the Bollinger band indicator accentuates a neutral sentiment among market participants.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The rising <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope in the daily chart indicates the increasing buying pressure for MATIC at $0.64 dip.</li>
</ul>
The post <a href="https://coingape.com/markets/polygon-price-analysis-points-24-surge-amid-resistance/" rel="noopener noreferrer nofollow">Polygon Price Analysis Points 24% Surge Amid Key Resistance Breakout</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Polygon Price Analysis Points 24% Surge Amid Key Resistance Breakout

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