MATIC did not need to wait for Bitcoin to start a price rally and the decline in USDT dominance was only a bullish momentum.
In fact, according to tracking from koingecoThe cryptocurrency managed to increase its value by 24.3% over the past 30 days – the same period where most digital currencies struggled to stay in the green zone.
- MATIC left the block set up by the bears at the $0.93 resistance marker
- Altcoin is up more than 24% over the last month
- There is a high probability of a rally towards the $1 marker
At press time, the altcoin is trading at $0.93 and is up 11.9% over the past seven days. Over a period of 14 days, the asset gained 17.4%.
The asset was expecting a rejection by analysts in an attempt to test the $0.92 resistance marker.
MATIC, as it turns out, still had enough kicks to cross the key hurdle and maintain higher price levels at the moment.
Profit Opportunity for MATIC Buyers
Since mid-July this year, the native token of the Polygon Network has been trading in a narrow range between $0.72 and $1.03. Sometimes, MATIC would close at $0.88.
Earlier this month, the crypto retested the lower zone of its price range, giving the bulls a chance to test sellers, resulting in positive profit,
Although the A/D indicator had no strong performance in the past few months, the MATIC’s Relative Strength Index was swinging from 30 to 70. The upper part of that zone was above the 50-neutral score, indicating that the asset was always on top of the upside.
This happened, pushing the trading price to $0.93 where a bearish block had been established. The bulls did a great job of demolishing it to make the bullish possible.
If the bulls lose their hold, the cryptocurrency could once again drop to $0.87. However, this could be a profit making opportunity for buyers as it is likely that MATIC will bounce back and move all the way to $1 or $1.05.
Long Term Forecast Dim
online crypto data provider coincodex 11. This sentiment resonated again with this short-term forecast ofth The largest cryptocurrency in terms of market capitalization.
Its 5-day prediction puts MATIC at a trading price of $1, which means another significant climb for the asset which hit a high of $2.92 in December of last year.
But the long-term trajectory of the crypto, especially its 30-day forecast is not looking good as it points to a sharp decline.
Coincodex estimates that MATIC will retreat to $0.56 a month from now. Therefore, it is imperative for the buyers to always keep a close watch on the price movement of the property to ensure that they protect their interests for profit and profit.
MATIC total market cap at $8.2 billion on the weekend chart | Featured image from PhotoDune, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.