- Traders may attempt to exit long positions when Polygon is near $2.
- A big closing over $1.87 would entice investors, alleviating selling pressure.
Polygon’s native token, MATIC, looks to be catching up with the market. By all indicators, prices may be on their way to a new all-time high. Likewise, the Polygon has broken past major resistance and is poised to hit new highs.
MATIC Price has risen over 22% in the previous four days, signaling positive momentum. Prices have climbed lately from $1.52 on October 23 to $1.86. The cryptocurrency is now trading at $1.8370, up 10.33% in the past 24 hours. $MATIC has a year-to-date ROI of +10337 percent.
For confirmation, measure the distance between the initial swing peak and the low swing peak, then multiply by $1.73 (breakout point) to arrive at a $4.32 target.
Before retesting the ATH at $2.70, Polygon will have to overcome two significant roadblocks at $2.04 and $2.22. If MATIC overcomes these challenges, it will reach $4.32. Traders may attempt to exit long positions when Polygon is near $2. Unfortunately, that might halt the upswing and prevent MATIC from breaking past that barrier and realizing its upside potential.
The IOMAP graphic above shows the Bulls winning. At $2, just 1,280 addresses have acquired over 35.5 million MATIC. Polygon’s primary support level is $1.75.
With daily addresses increasing over the previous three months, the main spike is on its way. In addition, it seems that more cash and investors are entering the market, as the 7-day MA for active wallets has increased. To date, approximately 92 percent of all $MATIC addresses are profitable, according to ITB statistics.
The GIOM model predicts that Polygon has a single resistance at $1.87. Approximately 17.54 thousand crypto addresses bought 135 million tokens. A big closing over $1.87 would so entice investors, alleviating selling pressure. On the other hand, MATIC may so easily expand its surges. The alt will then skyrocket to $2.7 or more.
MATIC has risen by over 30% so far in October, and now, according to a Reddit debate, MATIC has handled 1 Billion transactions on the Polygon PoS chain.
