As the leading layer-2 scaling solution on Ethereum, Polygon (MATIC) enables fast, low-cost, and secure transactions. It is projected to become the Ethereum-based Internet of blockchains, connecting the Ethereum mainnet to the Ethereum virtual machine. After the surge in the DeFi sector in 2020, Polygon is continuing its journey of progress.

Recently, the MATIC token price proliferated above the $1.05 level and demonstrated further bullishness. MATIC surged its intraday gains to nearly 5% and is currently hovering over the $1.10 level. The coin is expected to soon cross the $1.165 resistance level and make strides towards its next goal, the $1.25 resistance level.

Moreover, there is a key contracting triangle with resistance near $1.10 on the 4-hour chart of the MATIC/USD pair. The MACD for MATIC/USD is also set to enter the bullish zone, further pushing the price towards its aim of attaining $1.25. On the downside, the coin must hold over the $1.10 level to avoid any pullbacks, lower supports of which are $1.08 and $1.02.

Overall, the bullish potential of MATIC token price is highly optimistic. However, it might encounter resistances near $1.165, $1.18, and $1.22. If these levels are broken, the token will have a smooth run to achieve its $1.25 goal. Polygon (MATIC) is displaying notable stability and resilience on the market lately and there seems no stopping it to achieve its targets soon. Investors should bear in mind the risks and limit their exposure, while simultaneously assessing the potential outcomes of the growth.



Other News from Today