Polygon (MATIC) Price Reclaims $0.60 Level After Team Announces Two New Upgrades
The Polygon (MATIC) price has increased since 11th of September and broke out from a descending resistance trendline on September 19.
The price reclaimed the $0.60 horizontal resistance set of abode rapidly after the breakout. Is that this the starting up set of the type reversal?
MATIC Reclaims Horizontal Resistance
The on each day foundation timeframe technical diagnosis presentations that MATIC has increased since 11th of September and broke out from a descending resistance trendline on September 29.
After before everything set struggling to elevate above the $0.60 horizontal resistance set of abode on October 4 (purple icon), the MATIC price created a increased low on October 19. It broke out three days later.
Polygon announced that it is releasing a novel model of the Miden Virtual Machine, expected to relieve its performance by 30%. The Polygon group also announced that they were triggering the ten-day timelock of the Inca Berry, potentially the most in vogue upgrade of the Mainnet.
The Binance alternate also announced the launching of a novel procuring and selling carrier using the USDC stablecoin on its native Polygon blockchain.
MATIC Designate Prediction: Has the Model Reversal Started?
The weekly timeframe technical diagnosis gives a bullish outlook, supporting the continued breakout from the resistance trendline.
In September, the MATIC price fell below the long-term $0.60 horizontal set of abode. Nevertheless, that used to be handiest a deviation (green circle) for the rationale that price reclaimed the set of abode rapidly later on.
Moreover the deviation, MATIC also created a bullish, engulfing candlestick final week (green icon).
It’s miles a get of bullish candlestick when your total decrease from the outdated duration is negated in the subsequent one. It additional provides validity to the breakout and reclaim of the horizontal set of abode.
If the MATIC price continues rising, the subsequent resistance shall be at $0.85, 40% above the most contemporary price.
Attributable to the reclaim of the horizontal level, cryptocurrency trader Crypto_Scient believes that MATIC will reach this resistance.
Despite this bullish MATIC price prediction, a weekly terminate below the $0.60 horizontal set of abode will invalidate the breakout.
If this occurs, it’s going to trigger a 40% price decrease to the June lows at $0.35.
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Disclaimer
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