Polygon Price Analysis: MATIC, the native cryptocurrency of polygon blockchain witnessed a renewed demand pressure since mid-May showcasing a V-shaped reversal from $0.643. This recovery uplifted the asset value by 11.8% to currently trade at $0.718. The bullish momentum in the crypto market is accelerated by the market excitement towards potential approval of Spot ETH ETF<\/a> blistering further recovery in the sector.<\/span><\/p>\n Also Read: Breaking: WisdomTree Secures FCA Approval To List Bitcoin, Ether ETPs On LSE<\/a> <\/p>\n <\/p>\n Over the past six weeks, the price of Polygon<\/a> (MATIC) has been oscillating between two horizontal levels at $0.768 and $0.643. During this period, the price has bounced multiple times off both levels, suggesting a lack of dominance from buyers and sellers. However, a closer examination of the daily chart reveals a formation of higher lows through candle wicks, which indicates a gradual increase in buyer influence over the asset.<\/span><\/p>\n Additionally, the broader cryptocurrency market has experienced a surge in buying momentum this week, primarily driven by the expected approval of Ethereum<\/a> ETFs by the SEC. This has favorably impacted MATIC\u2019s price, positioning it to potentially breach the $0.768 resistance level. <\/span><\/p>\n<\/blockquote>\n A successful breakout, confirmed by a daily candle closing above this level, could unleash build-up bullish momentum and pave the way for a significant upward move. <\/span>Should the MATIC price<\/a> break out successfully, it could surpass the $0.85 mark and aim for $0.95, potentially yielding a gain of 24%.<\/span><\/p>\n <\/p>\n However, it\u2019s important to note that on the weekly chart, MATIC is forming a symmetrical triangle, suggesting that the broader trend may remain sideways. Nonetheless, a decisive breakout above the triangle\u2019s upper boundary would be crucial in confirming a major bullish trend.<\/span><\/p>\n <\/p>\n Related Articles<\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n
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