- Google Cloud has joined as a validator on the Polygon network.
- MATIC’s value could reach $0.6500 over the next week.
- The 9-day EMA line is indicating a potential rise in MATIC’s value.
Sandeep Nailwal, the Polygon
The latest progression had a minor positive effect on the price of MATIC in the last 24 hours. According to data from CoinMarketCap, the altcoin was exchanged at a rate of $0.5255, marking a 0.48% increase in the previous trading day.
Over the past 72 hours, MATIC’s price was able to break above a negative trend line that had formed on the altcoin’s daily chart over the past few weeks. Furthermore, the cryptocurrency’s price continued to trade above this medium-term trend line at press time as well.
Should this newfound bullish momentum continue, MATIC’s price may soon attempt to flip the next resistance level at $0.5500 into support. Thereafter, the Layer-2 cryptocurrency could continue to rise to the subsequent threshold at $0.6500 throughout the course of the following week.
Conversely, if bears begin to exert some sell pressure on MATIC, then its price may look to retest the immediate support level at $0.4970 in the next 48-72 hours. If this potential sell volume persists, then the cryptocurrency’s price may drop to as low as $0.4475 during the upcoming 2 weeks.
Investors and traders will want to note that the 9-day EMA line was attempting to cross above the 20-day EMA line. This suggests that short-term momentum has shifted slightly in favor of bulls, which may lead to MATIC’s price rising in the next 7 days.
A possible early indication of this potential increase in the altcoin’s price will be when MATIC closes a daily candle above the 20-day EMA line, which was situated at around $0.5259 at press time. Thereafter, a confirmation of MATIC’s trend undergoing a bullish reversal could be when the 9-day EMA line crosses above the 20-day EMA line.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
