Yes, after the pandemic digital currencies have gained a lot of attention, especially in the Cryptocurrency market. But no one can deny the fact that this growing crypto market is the most volatile currency.
After a series of downfalls over the past few weeks, the cryptocurrency market has tried to stabilize today as the world’s largest crypto by market cap, Bitcoin has reversed its direction to regain $41,000. This has led altcoins like Ethereum, XRP, and Polygon (MATIC) among others to rally.
MATIC To Yield Capital-Double Gains
Over more than three months MATIC price has dropped by 55% from its all-time high which stood at $2.92. This downtrend was the result of a trend change in the crypto world as Bitcoin hit rock bottom from $69,000 to almost $33,000.
Like every other altcoins, Polygon (MATIC) too decided to follow the king currency and landed at a massive price crunch. However, MATIC had the first retest on January 22 and since then the price has reached the $1.30 range multiple times. What is to be noted here is, that every time the currency tests this level, this price action has acted as a stable support system.
The altcoin had a 30% gain in March before plunging but again retested the said support level. However, as the altcoin has surpassed the $1.30 barrier, it looks like the price has formed a base for further gains.
At the time of reporting, Polygon (MATIC) is trading at $1.41 with an upswing of 1.15% over the last 24hrs. This upswing places an immediate resistance barrier for MATIC price at $1.94 and if bulls manage to surpass the $1.94 level making it a support level, The altcoin will head further and retest its all-time high at $2.92 constituting a total of 100%. After this, the MATIC price might have a retracement or move sideways.
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Source: https://coinpedia.org/altcoin/matic-hodlers-can-reap-double-gains-in-2022/