MATIC conquers $0.69: Is $0.75 the gateway to a major rally?
MATIC's current rally isn't just a flash in the pan—it's a calculated reclaiming of territory. Having surged past the $0.69 mark, Polygon now sets its sights on the $0.75 resistance level, a decisive point that could cement its short-term trajectory and potentially unlock a move towards $0.95. Will MATIC become the new darling of the markets?
TLDR
- MATIC has successfully breached the $0.69 resistance, aiming for the crucial $0.75 mark.
- Clearing $0.75 could open a path to $0.95, marking substantial upside potential.
- The RSI is not signalling overbought conditions yet, hinting at more room to grow in the short term.
- We recommend considering MATIC for long-term positions, especially if it maintains above $0.69 and suggests a push beyond $0.75.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
Technical analysis
MATIC has gotten above the $0.69 horizontal resistance and now heads higher. The main resistance above the current price is $0.75. If price can clear above this, then the door is open for a move up to $0.95.For MATIC, in terms of downside, it's important that MATIC can maintain the $0.69 level as new support. It also needs to build a base there that can help it get a more sustainable move higher.
MATIC 3D
Mechanics
RSI-wise, this is still not close to overbought territory on the 3D timeframe, and therefore, there may be some further upside for MATIC here.Regarding funding rates, MATIC is positive, but the level of open interest isn’t too high, suggesting that this is a healthier setup than most in the futures/derivatives setup.
Cryptonary’s take
MATIC has reclaimed a key level, with the next one arguably the most critical. We like MATIC and think it’s a good play for the long run. MATIC is likely a good buy at current prices, and if DCA’ed into sub $0.70, this should provide some great long-term upside.Our feeling in the short term is that MATIC can test $0.75, but if it can get above that price, we may see a significant further upside.
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