KOLKATA (CoinChapter.com) – MATIC started the weekend on a bullish note after traders pushed Polygon’s native token up 12% out of its sideways stagnation. The move resulted in the MATIC/USDT pair reclaiming the 3-week high of $1.42 in the early morning London session.
Sellers showed up for booking profits off the top. However, RSI posted a 2-week uptrend implying that Polygon’s native blockchain asset can still rally higher. Also, the MATIC/USDT pair gave off bullish vibes amid an impending golden cross formation.
Related: MATIC rebounds 12% amid Bitfinex listing, Osprey’s Polygon Fund launch
Bullish bets on the Polygon token peaked after traders anticipated an upcoming golden cross scenario for MATIC. Golden crosses are bullish setups where the 50-day moving average (MA) crosses over the 200-day moving average (MA). Nonetheless, exponential moving average (EMA) indicators serve better in golden cross calculations.
The pair’s 50-EMA (red wave) is on the verge of crossing over the 200-EMA (blue wave).
Golden cross occurrences have resulted in extremely bullish outcomes for MATIC traders. For instance, a golden cross set up on August 4 preceded a month-long rally in which MATIC rose from lows near $1.03 and added 43% gains topping at $1.8 on September 5.
Related: MATIC mooning towards record highs as Polygon furthers entry into DeFi space
A similar scenario is about to take shape. In the event of another bullish wave, buyers will first attempt to reclaim the resistance at $1.50 and then would head straight for $1.70. The Polygon token closing above $1.70 will open the doors to $2.132, with $1.9 acting as a significant price barrier in between.
It’s a great opportunity for investors looking to ride the wave until the Polygon token takes out its previous all-time high of $2.8. However, even for swing traders looking to make solid profits over the short term, now is the time to place some buy bids.
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