MATIC Price Is Waiting For A Bullish Trend Continuation! This Price Level Can Trigger An Uptrend For Polygon

The post MATIC Price Is Waiting For A Bullish Trend Continuation! This Price Level Can Trigger An Uptrend For Polygon appeared first on Coinpedia Fintech News

Bitcoin’s 12% surge has lifted the crypto market, sending multiple altcoins above their crucial resistance levels. The last 24 hours have seen an uptick in the price of Bitcoin, which has fueled a bullish trend for other cryptocurrencies, including MATIC. Matic, which is Polygon’s native token, has seen an incredible breakout with continuous upward momentum recently, and many investors and analysts have now become bullish on the cryptocurrency’s future prospects. 

Polygon Network Adds Bullish News

The recent market turmoil caused by macroconditions seems to have no effect on the Polygon network, as the developing team is actively working on bringing new developments. As the network is being favored by NFT enthusiasts due to low transaction costs, it gives a boost to MATIC’s price. Moreover, the MATIC community is waiting for the zkEVM mainnet launch, which is scheduled to go live on 27 March, as confirmed by the network’s co-founder Mihailo Bjelic. 

Tom Dunleavy, an analyst at on-chain crypto firm Messari, has identified several key factors that are pushing Polygon (MATIC), the leading Layer-2 protocol, to achieve mid-to-long-term success. One of the primary indicators of Polygon’s positive and robust fundamentals is the significant increase in active addresses, which have seen a spike of nearly 90% year-on-year (YoY).

Additionally, Dunleavy pointed out that the MATIC token has a uniform distribution, with approximately 90% or more of the tokens already unlocked or distributed. As a Layer-2 protocol built on the Ethereum network, Polygon is pushing the limits of zk-Rollups technology with the launch of its zkEVM testnet, which will expand the platform’s capabilities and hit new highs by the quarter’s end. 

Will MATIC Witness A Steady Increase?

MATIC price has experienced an uptick in buyers’ interest in accumulating the token after it surged by the influence of Bitcoin’s positive momentum. Though bears are trying hard to pull the token downward, MATIC price is showing no sign of dropping anytime soon. 

As of writing, MATIC’s price hovers at $1.42 with an uptrend of over 11% in a single day. Looking at the daily price chart, MATIC may extend its bullish momentum if it holds above the triangle pattern at $1.4. Additionally, a trend continuation above the 23.6% Fib level at $1.51 may force buyers to accumulate more tokens, which may bring more strength with enough liquidity to push the asset near its next resistance of $1.75. 

However, a flip at $1.52 may bring an uncertain situation, and investors may lose confidence in betting in the long term. If the RSI drops below the SMA-14, MATIC’s price may head toward forming a dip at the EMA-20 trend line at $1.2.