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MATIC Price Analysis: MATIC breaks $1.14 resistance, what’s the next target?

MATIC Price Analysis

TL;DR Breakdown

  • MATIC price analysis is massively bullish for today, an upward motion by 11%. 
  • 24-hour price movement ranges from $1.12 low to $1.26 high.

MATIC price analysis is immensely bullish for today as the price continues its upward motion and finally breaks the important resistance level of $1.14. Today’s highest price recorded is $1.26, with a giant green candle on the daily chart. The sudden surge in Bitcoin has acted as a catalyst for the gain. Today’s biggest gainer is Axie Infinity (AXS), with a growth of 33%.

Today, Polygon also revealed that Monsoon is partnering with Polygon to build their on-chain privacy tools, which brought the price even up. The Crypto market is all up when Bitcoin (BTC) performed exceptionally well today morning with a 10% gain in a single day, rising from $43,800 to $47,800. 

Many market experts and top traders speculated major bull in October, and as planned, the bullish motion has started when October has just arrived.

MATIC Price Analysis: MATIC/USDT pair performance in the last 24-hours

MATIC price analysis shows a massive surge in 24 hours along with a volume increase of 40.7%, standing at $893 million. This spike in MATIC trading volume shows the immense bullish attitude of the price. The market dominance is sitting at 0.40%, with an increase in market cap by 11%, at $8.2 billion.

The huge green candle opened at 1.127 on the daily chart breaking a strong resistance zone at $1.14; it started an upward rally which peaked at $1.265. Even though the price has moved up majorly, it has not created any downward scenario, which further confirms the arrival of the bulls.

The rising RSI is throwing MATIC in the overbought zone, as shown in the chart below. Today, the MATIC/USDT pair has breached the 100-day moving average is another significant indication of the bullish scenario.

MATIC Price Analysis: MATIC breaks $1.14 resistance, what's the next target? 1

MATIC/USDT 4-hour price chart: Further upward motion can follow

The MATIC/USDT pair has the next nearest resistance at $1.35, and the bulls will not stop before that. Currently, we see the MATIC price aiming for the next resistance level.

Along with that, the inflow of institutional funds shows the interest of investors in the pair. This can stretch the price of the token even further in the coming days.

MATIC price analysis: Conclusion

After the Chinese crypto crackdown FUD, MATIC has started an upward motion from $1.04 to $1.26 with continuous three green candles in the daily chart. This is a price surge of more than 20% in just three days. This is just the start of October, and we can expect an all-time high for MATIC soon.

If you want to know more about MATIC and its long-term price prediction, click here.

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Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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