Polygon (MATIC) Might Test This Area Before Heading to $0.92

Bitcoin has seen unpredictable actions lately. The past 12 hours saw the leading crypto rebounding from support at $19.6K to $20.1K at this publication. That triggered minor upsides in the altcoin market. For instance, MATIC jumped past the resistance mark of $0.85.

Furthermore, Polygon’s native coin has tested the $0.76 demand region. More buying momentum might push the crypto to $0.92 before exploring the $1 highs. However, it might be easier said than done amid the present markets.

Polygon 1Hr Timeframe

The chart indicated that MATIC formed a range of $0.76 – $0.82 within the past few weeks. Meanwhile, September had the token pushing beyond the range peaks. Also, MATIC overcame the resistance at $0.85. While publishing this post, the altcoin traded at $0.884.

While the near-term picture remained bullish, MATIC had some southward liquidity. Meanwhile, the alt might plummet to capture it. The VPVR (Volume Profile Visible Range) placed the Value Area High and Low at $0.98 and $0.728, respectively. The POC (Point of Control) stood at $0.92.

The volume bars show the last three weeks didn’t record much volume, with the alternative token changing hands between $0.84 and $0.85. MATIC might briefly test this area before climbing to $0.92. Also, the order block near $0.76 might offer support when MATIC falls beneath $0.84 – $0.82.

Reasoning

The 4hr RSI (Relative Strength Index) stood at 67, showing robust bullish strength. Meanwhile, possible pullbacks would secure support at neutral-50 and 60. Investors can use RSI’s test to these marks to gradually scale into near-term long positions.

The CMF (Chaikin Money Flow) also surged beyond the +0.05 level within the last few days. That hinted at a massive cash flow into MATIC’s ecosystem. Also, it reflected an optimistic buying momentum behind the upside from $0.76.

Final Thought

MATIC’s price action recently showed that $0.88 – $0.9 posed substantial resistance. VPVR indicated that a surge to $0.84 and $0.85 might be a ‘buy’ opportunity. The support would be at $0.82.

Also, the indicators showed buying pressure and bullish momentum. Bitcoin steadying beyond $19.2K – $19.6K in the coming few days would see MATIC running to $0.92 and potentially climbing toward $0.98.

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