Polygon price appears to have received the required push as popular exchange Robinhood adds support to the network. In a recent update, one can easily send & receive MATIC on the Polygon network in addition to the existing Ethereum network. The MATIC price spiked high with the announcement and continues to range high aiming to test the crucial resistance above $1.
The MATIC price was silently attempting to break out from the large consolidation, soon after facing a rejection close to $1. The bulls did manage to propel the price above $1, but an extreme bearish pressure knocked the bulls to their knees. However, the price drop now appears to be a bearish trap, to attract new strong hands onto the platform.
MATIC’s price is following a strong trade within the ascending triangle and is about to reach the peak of the consolidation. The recent rebound from the lower support at $0.74, induced significant strength in the rally while the Robinhood announcement fueled the uptrend.
Therefore, the next 24 to 48 hours may be pretty crucial for the asset as the bulls are required to hold their strength and push the price beyond $1.Else the asset may continue with a descending consolidation for a long time ahead.
On the brighter side, Polygon is thriving in the Web3 space as more than 60% of Web3 startups are building on Polygon. Moreover, there are over 20K dApps on the network, which substantials the claim. Collectively, MATIC’s price is expected to coil up once it stabilizes above $1 in the coming days.
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Source: https://coinpedia.org/price-analysis/polygon-bulls-wake-up-matic-price-may-surpass-1-any-time-from-now/