The global cryptocurrency market value has fallen to more than $1.72 trillion, indicating that the cryptocurrency industry has lost some of its momentum in the past day. Moreover, MATIC has not suffered small losses, unlike most prominent digital assets, such as Bitcoin.
As Polygon Protocol proponents push for new yearly highs, MATIC is experiencing a seismic shift within its ecosystem, sending its price up more than 20% in early trading on Thursday.
MATIC breaks the $1 barrier
Based on the various milestones in its ecosystem, Polygon has indicated that it is prepared to overcome the critical price threshold of $0.9.
After an initial uptrend, MATIC made an unsuccessful attempt to breakout in February 2023. Before the price broke out this week, there were two more failed breakout attempts in November and December.
Wednesday’s peak of $1.07 is the highest since April. It is notable that MATIC has failed to close above the resistance trendline every week.
Moreover, some analysts say MATIC could reach new highs soon as it tries to maintain a solid base within – or even beyond – the $1 area. Doctor Profit, a user on Twitter, is among those who endorse such a theory.
$MATIC is one of the most underrated projects out there. If I hadn’t bought tons of them for $0.50 I’d be heavily participating right now because anything under $1 is a gift
Sooner or later it’s an easy double-digit coin in the incoming bull. One of my favorite coins
— Doctor Profit 🇨🇭 (@DrProfitCrypto) December 26, 2023
The expert called Polygon’s coin “one of the most undervalued projects” on the market and claimed that traders and investors should view its sub-$1 price as a “gift.”
Polygon currently trading at $0.995805 territory. Chart: TradingView.com
Another expert, renowned cryptocurrency researcher Ali Martinez, shows that MATIC emerges from a symmetrical triangular formation based on his evaluation.
Martinez thinks that a strong upward move that could push MATIC towards the $1.73 price level could occur if Polygon manages to maintain a weekly candlestick close to the $0.96 threshold.
#Polygon is on the verge of breaking out of a symmetrical triangle. A sustained weekly candlestick near $0.96 could provide momentum $MATIC towards $1.73! pic.twitter.com/IZQHpSuqO6
— Ali (@ali_charts) December 26, 2023
Optimistic outlook: MATIC’s promising trajectory
According to this analysis, Polygon has a bright future ahead of it, especially if some important barriers are broken.
The X cryptocurrency community is optimistic about the future of the MATIC price trend. Following a long-term support region, Pentosh1 predicts that the price will continue to rise.
You can’t like this setup. I have no idea how long it will take to play out, only that it will probably be probabilistically speaking
Confluence of historic support, bull flags for more. Still has to run, but is starting to find his flippers https://t.co/AMI5e9wxZA pic.twitter.com/RESMqmHGeI
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) December 26, 2023
Meanwhile, Polygon’s trading volume has increased dramatically recently. According to DefiLlama, it has surpassed the $150 million mark since the middle of the month, reaching around $400 million on December 26.
With its impressive performance, Polygon’s native token MATIC has attracted attention as the protocol’s trading volume reaches a new milestone.
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