- Polygon’s price rebounded at the support zone of $0.77.
- The alt is overpowering a descending channel.
- MATIC-BTC has formed a triple-top setup.
Polygon’s price has authorized a vital longer-term region of $0.77 as support. The asset exhibits a bullish trend, provided it sustains beyond this barrier. 7 January reposts indicated that Polygon obtained a $3M grant to leave Solana and migrate to the Polygon ecosystem. The project will use the grant to launch an incubator and increase the team.
Also, MasterCard revealed plans (on 7 January) to collaborate with the MATIC blockchain to launch a network for music artists. The deal will start with the MACP (MasterCard Artist Accelerator Program) – due to start in spring this year.
Lastly, markets away Polygon’s hardfork on 17 January, aimed at improving developer and user experience. The fork will streamline chain reorganizations and tackle gas surges.
MATIC Price Regains Longer-Term Level
MATIC saw its price break out beyond the horizontal area of $0.77 in July last year. The following sessions saw the altcoin authorizing the level as support two times, in September and December, respectively. The price kick-started the ongoing upward move as the 2nd bounce.
The 7-day Relative Strength Index shows a fascinating bullish signal. First, the index broke out from a bearish divergence line and targeted levels beyond 50. As the trendline divergence catalyzed the broad downward move since the ATH, breaking out beyond is a highly positive signal.
Moreover, there isn’t substantial resistance until the $1.38 mark. That may support a sharp and quick upsurge toward the mark. Consequently, the trend will remain bullish unless MATIC’s price confirms a 7-day close beneath $0.77.
The shorter-term 24hr chart supports the bullish reading. MATIC’s price is about to overcome a descending channel. These channels generally comprise corrective moves. Thus, since the channel faces downward, everything backs breakouts.
A breakout would see Polygon heading towards the Fibonacci resistance at $0.97, then $1.10 before approaching the primary resistance mark near the $1.38 territory. On the other side, plunged beneath the channel’s mid-level may confirm impending new lows.
As the midline matches the support zone of $0.77, a seven-day closing beneath this foothold would authorize a longer-term bearish development.
MATIC/BTC May Be on a Rough Ride
MATIC-BTC price had recorded downward moves since November last year, when it slightly failed to hit new all-time highs, terminating at around 66,060 Satoshis. The decline affirmed a triple top setup and the resistance area at the 57K Satoshis. Remember, the triple top is a bearish formation.
MATIC’s price noted a downward break from ascending support shortly afterward, further cementing the chances of the alt having touched a top. Furthermore, technical indicators authorize downward actions in Polygon.
The weekly Relative Strength Index confirms such narratives, creating three lower highs amid the triple top setup formation. Continued declines will push the pair toward the Fibonacci support areas at 40K and 29K Satoshis. Nonetheless, the primary support zone stands at 23K Satoshis.
To finalize, while MATIC-USDT presents bullish reading, MATIC-BTC flashes bearishness. A closing beneath $0.77 remains essential for a bullish stance on the former, while a move past 57,000 Satoshis would see MATIC-BTC switching to bullishness.
Broader market cues support upside actions for MATIC. The global cryptocurrency market cap gained 1.74% over the past 24hrs to $904.6B, reflecting an improved stance within the marketplace.