The price of Polygon (MATIC) seems to have its vigor back, potentially breaching $1 in the coming days. Polygon's price has been on a wild ride this year, with gains of 108%.
The MATIC price is close to shooting past an important level that bulls are eyeing for testing. MATIC has been moving extremely bullish, and the price may rise above $1. This would set a huge foundation for an even larger uptrend, potentially doubling MATIC's value to around $2.
MATIC is set to make as much as 100% gains in the next couple of months. The coin's price is hovering close to a key level this week, with Sunday's rally allowing it to sit just below $1. This will be crucial for traders as they watch their investments go up or down in the next few sessions.
If the bulls succeed in breaking the 200-day SMA, the $1.1 mark will be a crucial stage. Once that is broken means the end of crypto winter, and an upswing in bull markets can be expected.
MATIC prices have a lot of work ahead if they want to make it past the 200-day SMA and avoid getting rejected at monthly resistance levels of $1.14.
The markets are unpredictable, but if the bulls manage to steer clear of that and end the week at a range above $1.14, there's hope for them.
The looming uptrend is a huge bearish event, especially with the Fed rate decision still a month away.
If all goes well, a 108% gain is in play.
MATIC is currently down by 1.40%, trading at $0.9525 as of this writing, and it seems now the bears are regaining traction. There is a high probability that the next crypto winter cycle may be just around the corner. The rejection is near the $0.80 support level, below the 55-day SMA.
The price of MATIC is at risk, and bears might regain power. If this happens, it could fall below $0.44 with a 55% loss. When the crypto winter started rolling, MATIC was among the first ones to crash hard and lost 88% or more in value from its peak of $2.9 in December 2021.
The crypto market experienced a dramatic recovery in March and April, with MATIC jumping 200% over two months reaching $1.
If MATIC can jump over the resistance set at $1.35 and $1.8, we might see prices reach up towards $2 in the coming days.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)