Polygon (MATIC) Breaks Out to Challenge Higher Price Levels

Polygon price action has consolidated briefly near a multi-month low, testing the support at the $0.5000 mark. However, price action has broken out on the upside and may yet give buyers more gains.

MATIC Statistics:
Polygon Value Now: $0.5765
Polygon Market Cap: $5,293,442,090
MATIC Circulating Supply: 9,299,803,031
Polygon Total Supply: 10,000,000,000
MATIC CoinMarketCap Ranking: 13

Major Price Levels:
Top: $0.5765, $0.5800, and $0.5850
Base: $0.5700, $0.5650, and $0.5600

Polygon Regain Momentum Heads Towards the $0.5800 Mark

Polygon price action on the daily chart has continued to head northward after breaking through the top of a falling wedge triangle. In the previous session, there was a downward correction near the $0.5755 mark. However, it appears that traders have utilized that correction as an entry point. This has caused prices to refocus resistance at the $0.5800 mark.

Therefore, this token continues to trade above the Moving Average curve of the Bollinger Bands. The Moving Average Convergence Divergence (MACD) indicator shows that upside momentum wasn’t perturbed despite the downward correction in the previous session. This signals that this market may break into higher-priced regions.

MATIC Stays in Pursuit of a Higher Price Region

The MATIC 4-hour market has witnessed minimal downward correction but remains generally on track toward more elevated price levels. The applied Bollinger Bands indicator can be seen tilting upwards in the upside direction as trading activities continue to happen above the middle limit of the Bollinger Bands without touching the uppermost limit of the indicator yet.

Also, the MACD indicator lines recently delivered a bullish crossover at a significant distance above the equilibrium level. This points out that upside momentum has renewed its strength, and the market has higher chances of trading between the price range of $0.5800 and $0.6500.

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