The global cryptocurrency market value has retraced to over $1.72 trillion, suggesting that the cryptocurrency industry has lost some of its momentum in the last day. Furthermore, MATIC has not seen any tiny losses, in contrast to the majority of prominent digital assets, such as Bitcoin.
As the Polygon protocol’s supporters push for new yearly highs, MATIC is experiencing a seismic change within its ecosystem, which has caused its price to soar by more than 20% in early trading on Thursday.
MATIC Breaches $1 Barrier
Based on the several milestones in its ecosystem, Polygon has been indicating that it is prepared to overcome the critical $0.9 pricing threshold.
Following an initial upward trend, MATIC made an unsuccessful attempt to break out in February 2023. Before the price broke out this week, there were two more failed breakout efforts in November and December.
The $1.07 peak on Wednesday is the highest since April. It is noteworthy that MATIC has failed to close each week above the resistance trend line.
Furthermore, some analysts say that MATIC may soon reach new peaks as it tries to keep a solid footing within – or even past – the $1 territory. Doctor Profit, a user on Twitter, is among those who endorse such theory.
$MATIC is one of the most undervalued projects out there. If I wouldnt have bought tons of it at $0.50 I would heavily enter now as anything below $1 is a gift
Sooner or later its an easy double digit coin in the incoming bull. One of my favorite coins
— Doctor Profit
(@DrProfitCrypto) December 26, 2023
The expert called Polygon’s coin “one of the most undervalued projects” in the market and asserted that traders and investors should view its price below $1 as a “gift.”
Another expert, renowned cryptocurrency researcher Ali Martinez, shows that, based on his evaluation, MATIC is emerging from a symmetrical triangular formation.
Martinez thinks that a strong upward advance that might push MATIC towards the $1.73 price level could occur if Polygon is able to maintain a weekly candlestick close above the $0.96 threshold.
#Polygon is on the verge of a breakout from a symmetrical triangle. A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73! pic.twitter.com/IZQHpSuqO6
— Ali (@ali_charts) December 26, 2023
Optimistic Outlook: MATIC’s Promising Trajectory
According to this analysis, Polygon has a bright future ahead of it, especially if some important thresholds are broken.
The X cryptocurrency community is optimistic about the future of the MATIC price trend. After bouncing off a long-term support region, Pentosh1 predicts the price will keep moving upwards.
You can’t not like this setup. Have no idea how long it it will take to play out, just that it likely will probabilistically speaking
Historical support confluence, bull flagging for more. Yet to run but starting to find it’s flippers https://t.co/AMI5e9wxZA pic.twitter.com/RESMqmHGeI
— Pentoshi
euroPeng
(@Pentosh1) December 26, 2023
Meanwhile, Polygon’s trading volume has recently increased dramatically. According to DefiLlama, it crossed the $150 million milestone since the middle of the month and reached around $400 million on December 26.
With its impressive performance, Polygon’s native token MATIC has drawn attention as the protocol’s trading volume reaches a new milestone.
Featured image from Shutterstock
