Recently many cryptocurrencies, including Polygon, experienced a steep decline in value along with Bitcoin. After the FOMC meeting, the MATIC price declined through a crucial support level. However, it quickly advanced through the previously mentioned difficulty and is now aiming to overcome the recent losses soon.
The MATIC fell beneath the 0 ($0.758) and 1 ($1.050) FIB levels and was briefly trading below them. By dropping below the $0.722 support floor, MATIC collected the sell-stop liquidity, and this was quickly followed by a surge in purchasing interest and the price of Bitcoin turning bullish, resulting in a 9% run-up.
The MATIC price spiked above $0.758 in anticipation of the bulls’ return and the onset of an upswing. At the midway 0.5 ($0.906), the first critical level to book profits, the upward trend is anticipated to come to an end.
By overcoming this obstacle, Polygon may reach a high price range of $1.05, which corresponds with a higher time frame. Despite the fact that this MATIC price movement would result in an overall 40% increase, investors can take profits near the midway.
Contrarily, it will be a sign of weak buyers if the altcoin fails to clear the barrier at $0.758. The bullish argument will be disproved in this situation if the MATIC falls below $0.729, making it a resistance level, and the bears will seize control. This could cause the crypto to fall below the support level of $0.647, allowing the bulls to attempt the rebound rally once more.
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