The cryptocurrency market has shown some strength since early morning trading as the global cryptocurrency market cap surged above $1.19 trillion. As Bitcoin moved a little higher, some altcoins, such as Polygon (MATIC), saw even bigger gains. The coin has risen nearly 8% after breaking through the key resistance level of $0.717, making it one of the top gainers. The price is flashing a huge bullish signal, but what has changed recently? Why is the price of MATIC soaring?
While most of the coins are hovering in a range, MATIC’s price has accumulated tremendous strength. Instead of exploding immediately, the price has maintained a consolidating uptrend, initially clearing the major resistance at $0.66 and is currently trying to hold on above $0.72. The price is flashing bullish signals with a target of $1 at the earliest, but it is also showing the possibility of facing rejection.
MATIC price has shown great strength and maintained an uptrend since the market crash in May 2022. Unfortunately, the bulls lost their plot, causing the price to drop sharply and test the lower support along the trendline. Despite the severe bearish pressure prevailing around this area, the price has managed to remain in the bullish zone. Therefore, the major shift in momentum that started a few hours ago is likely to continue, pushing the price towards higher targets.
Secondly, the price of MATIC has recovered from the lower FIB level of 0 and is currently moving up towards the major resistance of the 50-day SMA and subsequently the 100-day SMA. Therefore, if these levels are cleared before the close of the day, a move above the 0.236 FIB level is possible, paving the way for a move towards the 0.312 FIB level, which is $0.9165. The price of Polygon (MATIC) could reach $1.