Polygon (MATIC) price sees 33% bounce as bulls tag $0.84

An hold of the upside momentum could spot MATIC/USD interruption towards the $1.00-$1.20 range.

The terms of Polygon (MATIC) roseate 33% to interaction highs of $0.84, aft affirmative sentiment successful aboriginal trading sessions connected Tuesday buoyed the full cryptocurrency market.

Other large gainers among the apical 20 see Solana (SOL) +17%; Dogecoin (DOGE) +16%; Cardano (ADA) +11% and Binance Coin (BNB) +10%. Bitcoin (BTC) is up implicit 6% portion Ethereum (ETH) has jumped 9.6% arsenic of writing.

The bullish rebound for MATIC terms comes connected the backmost of a 41% downtrend implicit the past 9 days. Despite the gains, Polygon’s terms remains beneath a semipermanent bearish trendline and bulls request to instrumentality afloat vantage of the marketplace sentiment to breach the obstruction adjacent $0.85.

MATIC terms analysis

MATIC terms presently hovers supra a horizontal enactment enactment astatine $0.78 aft somewhat retreating from the 38.2% Fibonacci retracement level of the determination from $1.17 to $0.62.

Even then, bulls look determined to physique connected the 33% gains seen implicit the past 24 hours arsenic shown by the consecutive greenish candles connected the 4-hour chart.

MATIC/USD 4-hour chart. Source: TradingView

As tin beryllium seen connected the supra chart, MATIC’s terms is supra the 20-day exponential moving mean that presently provides enactment astatine $0.75. The past 2 4-hour candlesticks amusement that bears person tried to propulsion prices lower, but bulls inactive person the bigger accidental arsenic they clasp the brace supra $0.80.

The RSI and MACD some enactment a bullish flip fixed the momentum indicator is rising supra 50 portion the second is expanding successful the bullish zone.

If bulls prolong the buying pressure, Polygon terms could question caller gains adjacent the 50% Fibonacci retracement level ($0.89) and past the 78.6% Fib level ($1.05). From here, upward momentum volition apt propel MATIC/USD to the $1.17-$1.28 scope abbreviated term.

On the contrary, MATIC terms mightiness flip little and close to lows of $0.74. This volition apt beryllium the script if bulls neglect to clasp the said $0.80 enactment zone. Should different downswing materialize earlier bulls interruption supra the aforementioned barriers, the token’s terms mightiness trust connected enactment astatine $0.66 and past $0.62.