NEW DELHI (CoinChapter.com) — Polygon (MATIC) price gained strength for a move above $0.80. It is gaining pace and might continue to move higher toward the $1.00 barrier. Could the MATIC price reach the said target in November 2023? Let’s discuss.
Polygon (MATIC) Price Starts Fresh Surge
This past week, we saw a fresh rally in Bitcoin, Ethereum (ETH), Solana (SOL), XRP, and other cryptocurrencies. Finally, MATIC joined the party and started a fresh surge above $0.70.
The recent surge kicked in after the price broke a crucial bearish trend line with resistance near $0.645 on the daily chart. It opened the doors for a sharp increase above the $0.70 resistance and the 50-day simple moving average (blue).
The price surpassed the 76.4% Fib retracement level of the main decline from the $0.8914 swing high to the $0.4939 low. MATIC price is now testing the $0.90 resistance zone and consolidating gains.
Recently, Polygon announced Village 2.0 with a newly created grant program of more than 110M MATIC to help founders grow in the ecosystem.
MATIC is up over 10% after the announcement and indicates a crucial bullish break. If the bulls remain in action, the price could rally further toward the $1.00 hurdle. A close above the $1.00 hurdle could establish a long-term uptrend. Polygon may rise toward the $1.12 level in the stated case.
The next key resistance could be $1.15 or the 1.618 Fib extension level of the main decline from the $0.8914 swing high to the $0.4939 low. Any more gains might send the price toward the $1.25 level in the coming days.
Downside Correction Ahead?
There could be a downside correction if the bulls fail to push Polygon above the $0.90 resistance zone. Immediate support sits at $0.850. The first major support is now forming near $0.80.
A downside break below the $0.80 support could initiate a larger pullback. The price could decline toward the $0.70 pivot level in the stated case. Any more losses might encourage the bears to push MATIC toward the 50-day simple moving average (blue) at $0.60.
Overall, MATIC price is signaling a bullish break above $0.75. If the bulls remain in action, Polygon could rally 15%-20% and aim for a move toward $1.15. Conversely, the price could retest the $0.70 support.
