Polygon price is consolidating strongly along the upper resistance which appears to be crucial as it shows the potential for the coins to break through the upcoming levels. Despite significant upside pressure, the MATIC price continued to hold above $1, signaling flashing bullish signals over the next few days. The price with the new surge is testing one of the main weekly resistance levels that could rise especially after a breakout.
MATIC price is currently 12% above recent lows, up nearly 40% year-to-date and 15% above crucial support at the 200-day MA levels. Therefore, the price appears to be in an extremely strong position, and even if the downside pressure builds, the levels may fall below $1 but certainly hold at $0.93, which could trigger a noticeable bounce above. of $1.
The token is facing significant opposition from the $1 bears, as it has witnessed in the recent past. These levels have sharply reduced the price levels and forced the price to face a major rejection. However, the MATIC price is firmly holding these levels due to which the price might continue to consolidate for some time. After a brief buildup of strength, the price might rise but not test the upper resistance. Additionally, a pullback could aggravate the bull’s efforts to rearrange an upcoming uptrend.
Fortunately, the trading volume has intensified a bit and is largely dominated by the bulls thanks to which the bullish momentum could prevail for a long time. However, the price should trade flat for a few weeks if the bulls do not step up their actions, but certainly will not allow the bears to interfere. At the end of January, the price could hold above $1, which could offer an upside push to maintain the upcoming bullish momentum.