The value of the global cryptocurrency market has fallen back to over $1.72 trillion, suggesting that the cryptocurrency sector has lost some of its momentum over the past day. Additionally, MATIC did not suffer small losses, unlike the majority of major digital assets, such as Bitcoin.
As supporters of the Polygon protocol strive to reach new yearly highs, MATIC is experiencing a seismic shift within its ecosystem, which sent its price up more than 20% in early trading Thursday.
MATIC breaks $1 barrier
Based on the several milestones achieved in its ecosystem, Polygon has indicated that it is ready to surpass the critical price threshold of $0.9.
After an initial uptrend, MATIC unsuccessfully attempted to breakout in February 2023. Before the price broke out this week, two more failed breakout attempts in November and December.
Wednesday’s peak of $1.07 is the highest since April. It is worth noting that MATIC failed to close above the resistance trendline every week.
Additionally, some analysts say MATIC could soon reach new highs as it attempts to maintain a solid base in – or even beyond – $1 territory. Twitter user Doctor Profit is among those supporting this theory.
$MATIC is one of the most undervalued projects. If I hadn’t bought tons of them at $0.50, I’d be heavily into them now, because anything under $1 is a gift.
Sooner or later it’s an easy double-digit play in the incoming bull. One of my favorite pieces
– Doctor Profit 🇨🇭 (@DrProfitCrypto) December 26, 2023
The expert called Polygon’s coin “one of the most undervalued projects” on the market and claimed that traders and investors should consider its sub-$1 price as a “gift.”
Polygon currently trading at $0.995805 territory. Chart: TradingView.com
Another expert, famous cryptocurrency researcher Ali Martinez, shows that based on his assessment, MATIC emerges from a symmetrical triangular formation.
Martinez believes that a strong upside move that could push MATIC towards the $1.73 price level could occur if Polygon is able to sustain a weekly candlestick close above the $0.96 threshold.
– Ali (@ali_charts) December 26, 2023
Optimistic outlook: MATIC’s promising trajectory
According to this analysis, Polygon has a bright future ahead of it, especially if certain important thresholds are crossed.
The X cryptocurrency community is optimistic about the future of the MATIC price trend. After bouncing off a long-term support region, Pentosh1 predicts that the price will continue to rise.
You can’t not love this setup. I have no idea how long it will take to play, just that it probably will, from a probabilistic standpoint.
Confluence of historical supports, uptrend for more. I haven’t run yet but I’m starting to find my fins pic.twitter.com/RESMqmHGeI
— Pentosh 🐧 euroPeng 🇪🇺 (@Pentosh1) December 26, 2023
Meanwhile, Polygon’s trading volume has recently increased dramatically. According to DefiLlama, it crossed the $150 million mark since the middle of the month and reached around $400 million on December 26.
With its impressive performance, Polygon’s native MATIC token has attracted attention as the protocol’s trading volume reaches a new milestone.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.