MATIC Technical Analysis: Will Polygon Reclaim $1 Market Value?

MATIC Prices surpassed the 100-day SMA with a 65% jump last week and exceeded the $0.80 mark. But will this bull run beat the $1 resistance? Key Technical Points: MATIC prices have increased by 19.12% in the last 24 hours. The price action shows a breakout rally sustaining above the 100-day SMA. The 24-hour trading volume of Polygon is $1.6 Billion, indicating a rise of 1.1%. Past Performance of MATIC After retesting the 50-day SMA on 12 July, the MATIC prices took a bullish turnaround with a 20% jump the next day. The price jump on 13 July resulted in a bullish engulfing candle and started a bull run to approach $0.78, close to the 100-day SMA. The bull run exceeded the $0.80 mark with a 17% jump today, increasing the inflation rate of the last week to 65%. Source – Tradingview MATIC Technical Analysis The MATIC price showcases a solid bullish commitment in the volume indicator as the intraday trading volume surges to support the positive trend. Hence Traders can expect the ongoing uptrend to surpass the psychological Mark of $1 to reach the 200-day SMA. Despite maintaining a bearish trend in motion, the simple moving averages showcase a high possibility of a bullish crossover between the 50 and 100 days average line. It is due to the bullish growth influencing a positive turnaround in the 50-day average line and the price sustaining about 100-day SMA. The RSI indicator slope labels polygon token as overbought as the slope ex...