Key support holds at $0.3060; breaking the $0.3300 resistance could lead to $0.3500.
Bullish moving averages and high RSI indicate a potential for $MATIC
Polygon’s MATIC token is riding high, buoyed by the recent outcome of the U.S. presidential election. Currently trading at $0.3279, MATIC has gained a solid 9.61% over the last 24 hours, pushing its market cap to an impressive $861.53 million.Â
Trading volume has also surged, with a notable 108.49% jump to $17.46 million, as traders respond to the election win of pro-crypto candidate Donald Trump. His victory has energized the broader crypto market, pushing Bitcoin to a new all-time high and lifting prices across the board, including for MATIC.
Many traders see it as a positive sign for crypto-friendly policies, and this sentiment has fueled bullish momentum across major cryptocurrencies, including Polygon’s MATIC. With more people jumping in on the action, trading volumes and prices are climbing, creating a green wave in the market.
Moving Averages and Crossover Reinforce the Uptrend
Looking at MATIC’s technical chart, the signs are mostly positive. MATIC has solid support at $0.3060. As long as MATIC can hold this level, the recent gains should be safe. On the other hand, MATIC is also facing resistance at $0.3300. If it manages to break through this level, it could open the door for a run toward $0.3500, sparking even more optimism among investors.
One key indicator is the Relative Strength Index (RSI), which currently sits at 71.00. This places MATIC slightly above the typical overbought level, suggesting strong buying interest but also indicating a potential pullback if demand slows. The 14-day RSI average, at 41.60, reflects the recent surge in buying, pushing MATIC into bullish territory.
Moving averages are also aligning in MATIC’s favour. The 9-day moving average has climbed above the 21-day moving average, indicating a bullish crossover, which traders often view as a sign of further upward movement. The 9-day moving average is currently at $0.3060, with the 21-day just below it at $0.3020.
These averages sit below the current price, reinforcing the $0.3060 support level and confirming the short-term upward trend. This bullish crossover adds another layer of support to MATIC’s recent price gains. If market enthusiasm holds steady, these averages could act as a buffer, keeping the price from dipping too low even if there’s a slight pullback.
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