Crypto markets have displayed some strength since the early trading hours as the global crypto market cap surged back above $1.19 trillion. As Bitcoin took a little step higher, some of the altcoins, like Polygon (MATIC), jumped with greater magnitude. The token has registered itself among the top gainers with a jump of nearly 8% after breaking the crucial resistance at $0.717. The price flashes massive bullish signals, but what changed recently? Why is MATIC’s price rising high?
While most of the tokens were stuck up in a range, MATIC’s price accumulated acute strength. Instead of exploding at once, the price maintained a consolidated ascending trend, cleared the major resistance at $0.66 initially, and is now trying to hold strong above $0.72. The price is flashing bullish signals, aiming to reach $1 at the earliest, but at the same time displays the possibility of facing rejection.
Ever since the markets collapsed in May 2022, the MATIC price has displayed extreme strength and maintained an ascending trend. Unfortunately, the bulls lost their plot, which caused the price to witness a steep fall and test the lower support along the trend line. Despite acute bearish pressure prevailing around this zone, the price has managed to hold within bullish regions. Therefore, a significant shift of momentum that began a few hours ago may continue, elevating the price towards higher targets.
Second, the MATIC price has recovered from the lower FIB levels of 0 and is now rising towards the major resistance levels of the 50-day MA and, later, the 100-day EMA. Hence, if these levels are cleared before the day’s close, the possibility of rising above 0.236 FIB levels emerges, paving the way to reach 0.312 FIB levels at $0.9165. This could be when Polygon’s (MATIC) price reaches $1.