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Polygon (MATIC) Might Soon See Breakout, Here's Likely Trigger

Tue, 04/18/2023 - 11:00
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Tomiwabold Olajide
So far this year, Polygon has increased by 54.36%
Polygon (MATIC) Might Soon See Breakout, Here's Likely Trigger
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Crypto analyst Ali believes Polygon might soon see a major price move. Ali notes that "it looks like MATIC is heading to $1.19 - $1.29."

He says the aforementioned range represents the most important supply wall ahead, as 30,000 addresses bought 1.15 billion MATIC around this price level, per IntoTheBlock data.

Ali adds that a sustained daily close above this resistance level ($1.19 to $1.29) could trigger a breakout to $1.80.

Polygon rose above the key daily MA 50 at $1.13 for the first time in weeks. Notably, this key barrier has hampered its advance since the start of March.

Since April 14, MATIC has sustained above this key barrier, trading marginally up at $1.18. A further sustained increase above this level and even to the $1.29 level might be needed for Polygon's MATIC to trend higher, according to Ali.

Polygon Co-founder Confirms Date for Ethereum Scaling Solution Mainnet Launch

On the other hand, MATIC might find strong support near the $0.9-$1 range, which could fend off new lows for the crypto asset in case of a decline.

Ali observed earlier that around 52,410 addresses acquired 4.81 billion MATIC in this range.

So far this year, Polygon has increased by 54.36%. The ninth largest cryptocurrency by market capitalization looks set to increase these gains if the technical factors cited above align. Likewise, the general market trend might also dictate the next move for MATIC's price.

NFT drops to launch on Polygon

Wu Blockchain reports that Starbucks will release the First Store Collection NFT series on Polygon on April 19, with 5,000 pieces and a price of $100. Users who purchase NFTs will receive 1,500 Starbucks Odyssey app reward points. Starbucks Odyssey launched in December 2022, and six NFTs have been issued so far, with a floor price of $68.

Also, sports brand Nike's Web3 platform Swoosh will publicly sell its first virtual sneaker NFT series, "Our Force 1 (OF1)," on May 10, for a single price of $19.82. NFT sales had previously brought in around $200 million for the corporation. Nike's Web3 platform was developed in collaboration with Polygon.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.