Polygon Breaks Above $0.85, Setting the Stage for Further Rally
Polygon (MATIC) has experienced a significant uptrend over the past day, breaking above the $0.85 mark. This breakthrough could potentially lead to a continued rally for the cryptocurrency.
MATIC Finds Support Around $0.75 Level
After reaching a high above $0.94 earlier this month, MATIC faced some notable downturns. However, in recent days, the asset seems to have found support around the $0.75 level and has not fallen below it.
Bullish Momentum Returns with Over 6% Increase
Adding further evidence to this support level, Polygon has seen a surge in bullish momentum over the past 24 hours, resulting in a price increase of over 6%.
On-Chain Resistance and Support Levels
An analyst recently shared a chart showcasing on-chain resistance and support levels for MATIC. At the time of the analysis, Polygon’s price was trading around $0.78.
The Significance of Cost Basis Ranges
Cost basis ranges play an important role in market reactions. The analyst’s chart revealed that Polygon had been trading just under the $0.79 to $0.84 range, which held the cost basis of approximately 38,570 addresses.
When investors are at a loss, there is a higher chance they will sell when the price retests their cost basis in order to break even or minimize losses.
Breaking Through the Resistance
The $0.79 to $0.84 range was a crucial obstacle for Polygon to overcome in order to reach new highs. With its recent surge, MATIC has successfully surpassed this resistance level.
As depicted in the chart, there are no longer any significant ranges that would pose a challenge for Polygon’s price. Moving forward, it will be interesting to observe how the cryptocurrency develops given the lower on-chain resistance levels above.
Hot Take: MATIC Breaks Key Resistance, Primed for Growth
Polygon’s breakthrough above the $0.85 mark is a significant milestone that could pave the way for further growth. With the absence of major resistance levels, MATIC has the potential to continue its rally and reach new heights. Traders and investors should closely monitor Polygon’s price movements as it navigates through lower on-chain resistance levels. The current momentum and positive market sentiment surrounding MATIC suggest a promising outlook for the cryptocurrency in the near future.
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