MATIC Breaks Its Trend of Making Lower-Highs, Could This Be the Begining of a Bull Run?

Bits Logics Team . 30th Oct 2023
  • Crypto trader reprimanded his followers for underestimating the upgrade of Polygon. 
  • The upgrade to Polygon ZK rollup could have helped it reach the top of the trending list. 
  • MATIC’s upward movement seems very positive, it may reach $0.93.

A crypto trader under the pseudonym Doctor Profit tweeted reprimanded his followers for underestimating Polygon’s upgrade. The crypto netizen even called out those who belittled MATIC expecting it to fall to $0.2. 

The upgrade to Polygon’s Zero Knowledge Rollup which runs on Miden Virtual Machine may have been the key cause for Polygon to capture the top spot on the trending list on CoinMarketCap.  When considering the price performance of MATIC for the past week, it could be noted that Polygon has been more or less like a Sine curve.

MATIC/USD 1-Week Chart (Source: CoinMarketCap)

MATIC was trading at $0.6214 when the markets opened for trading. Soon after the token fell below the opening market price and reached its lowest price of 0.6017. However, Polygon recovered and reached its maximum price of $0.6631 on the same day.  Thereafter, the token made lower highs with its fluctuating range dwindling. At presstime, MATIC is priced at $0.6312.

MATIC/USDT 1-Day Chart (Source: Tradingview)

The above chart shows that MATIC made lower highs since mid-February 2023. This shows that the bears have been dominating the market. However, currently, the trend of making lower highs seems to have broken. MATIC is now rising and there is a possible chance that it could reach $0.72 first and thereafter it may rise towards the resistance at $0.93. Moreover, the Bollinger bands are widening, hence, there could be more volatility which could give MATIC more rise. 

However, the Relative Strength Index reads a value of 68 and the line is very close to the overbought region. Hence, MATIC’s spike could be brought to a stall and it could begin to retrace. In case MATIC falls, it may seek out help from the $0.46 support level.