The crypto markets have initiated an uptrend over the past couple of days. After the asset experienced a massive drain in the past weekend, most of the altcoins including Bitcoin ranged high. Polygon price also underwent a notable jump and ranged nearly 50% in the past 4 to 5 days. Continuing with the same pace, the MATIC price could hit $3 to end the trade for the year.
The asset ever since it flipped the bearish divergence accumulated huge buying volume that assisted the price to test one of the mandatory resistance levels. However, the asset is still testing these levels and trying to flip them into the support levels. The uptrend may be confirmed once the price slices through $2.2 levels and also settles above it.
MATIC Price Ready For Massive Bull Run
The MATIC price in the short term has rallied remarkably to pierce through the resistance levels. However, a slight pullback could be on the horizon as the technicals suggest the asset is heading towards the exhaustion phase. The MACD and the RSI, both are currently bullish, yet could flip into bearish divergence soon.
However, in the long term, the asset appears extremely bullish, ready to discover new highs beyond the ATH close to $3. The asset broke through the symmetrical triangle and marched towards the north to clear the $2.1 resistance levels. However, experiencing slight exhaustion, the MATIC price could drop a bit, forming the handle of the cup.
Therefore a retest towards the immediate support levels around $1.83 seems to be much possible which may be short-lived. However, after retesting the support levels, the next leg up may breach through the ATH to discover new highs beyond $3. The upcoming MATIC price rally could be more intensifying as the volume stand raised more than 145%, with a buying pressure at the higher side.
Original Source :coinpedia.org
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