Polygon (MATIC) has had a strong showing the markets earlier today. The current 20th largest cryptocurrency by market capitalization went above in a dramatic fashion, recording a massive price index from $1.23 to $1.62. It was a surprise increase for many and now there are speculations regarding where the digital currency will go next in the near future which is probably the end of the long-term bull run. Some Polygon bulls are calling for valuation as high as $3.5 by the end of Q4. At press time, it is trading at $1.45 having come down from its recent highs.
Polygon according to analysts experienced something like a bull flag earlier today, prompting many holders to benefit from the rise. The move supposedly occurs when the cryptocurrency moves above key trending resistance lines, thus ramming the bullish sentiment into place. The digital currency’s recent futures have been largely bullish with the index recording a new all-time high of around $2.89 back in May. However, the price pullback was also savage, resulting in over 70% of its value wiped out. Now with the bull flag manoeuvre, the digital currency is looking to break away the bearish shackles and re-enter the stage as a serious project that intends to stay in the scene for the long-term.
Image Source: TradingView
However, there is also a considerable profit-taking sentiment in the MATIC market right now with many investors cashing out at $1.65k. If the index falls back below crucial supports at $1.4 and then at $1.3, the price movement will stand negated to a large extent and will be effectively considered a pump-and-dump because it failed to sustain its big gains. However, MATIC is a solid project with strong fundamentals and it might shake off the short-term profiteering.
MATIC was one of the cryptocurrencies that rose alongside Bitcoin earlier today. Solana (SOL, 8%), Polkadot (DOT, 8.5%) and wrapped Bitcoin (WBTC, 7%) all rose strongly. However, much of the rest of the altcoin market remained stagnant through the course of the day. The much-awaited altcoin season has still not kicked in yet and the staggered response to Bitcoin’s recent meteoric rise has rendered some alts investors nervous and impatient. However, as historical data shows, the alts are mostly likely to reach new heights at the end of this bull run. So, holding on to one’s coins purchased at a much cheaper price is always a good idea.
Image Source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
