Polygon cryptocurrency (formerly MATIC) has surged over 12%, stirring excitement amid the broader crypto market recovery. Will buyers sustain this rapid ascent, amid speculation and market uncertainties?
As the cryptocurrency market seems to be gearing up for a recovery, with a market capitalization of $2.75 trillion, major assets like Bitcoin and Ethereum remain within their previous range. However, POL (formerly MATIC) has managed to stand out as one of the biggest gainers, with an increase of over 12.15%.
POL started the trading session at $0.1956. The bullish wave propelled it to $0.2219. A sustained upward correction could now trigger a real rally. At the time of writing, POL is trading around $0.2196, with a daily trading volume up by over 72.74% to reach $152 million.
Over the past seven days, POL has recorded a gain of over 18.12%. The week started at $0.1771, but the bulls woke up midweek, driving the price up to its current level.
The technical analysis of POL shows a clear presence of buyers in the market. The Moving Average Convergence Divergence (MACD) line has crossed the signal line, indicating buying pressure and further upward correction to come. Additionally, the Chaikin Money Flow (CMF) indicator at 0.20 signals capital inflow with a strong bullish sentiment.
Following this sustained increase, green candles have appeared, and the asset’s bullish zone is active. The POL price could thus rise to the range of $0.2256. Further upward momentum could even trigger a golden cross, pushing the price to $0.23.
However, if the asset is pushed back to the $0.2060 level, bears could reappear. A regular downward correction has the potential to bring the POL price back to $0.19 or even lower, likely delaying the bullish reversal.
Furthermore, the asset’s market sentiment is overbought, with the Relative Strength Index (RSI) at 80.23, suggesting a possible correction. However, the Bull-Bear Power (BBP) value of 0.0350 shows that bulls still dominate the market.
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Remember to only invest what you can afford to lose. The cryptocurrency market is promising but can also be unforgiving at times.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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