Polygon’s native token MATICcontinued its uptrend with ATH of $2.92 in the last quarter of 2021 (December 27). Here, buyers tried to keep the price above its all-time high.
However, with the decline in Bitcoin and the overall market, price pullbacks were seen keeping up with the general trend. It is currently trading at a price 54% lower than the ATH level, with the recent declines.
When we look at the current situation, the price is supported by both the daily rising trend and the correction level, the fib. There was a reaction rise of about 30%, collecting buyers at the level of $ 1.62, which corresponds to the 0.618 region. On the weekly, this region shows the EMA (50) region.
In addition, the fact that the RSI is close to the overbought zone indicates that the buyers are ready for the price to go up.
As a good scenario; If the price clings to the uptrend region and the bulls are successful in this region, the price will first pass the important $2 band and start the next leg of the uptrend, followed by the net breakout, then $3 and then the possible new resistance and ath level of $4 and $4.77. .
On the other hand, contrary to this scenario, if both the major trend and the support are broken on the daily, the possible levels to follow will be $1.17 and $1.03.