Polygon price has extended its rebound into the new week; placing the bulls a notch higher on their path to retesting the crucial support-turn-resistance level of $1.0000. Notably, the zone has been evasive for about two months amid a persistent risk-off sentiment. Since hitting a 14-month low of $0.3229 a month ago, it has rebounded by close to 180%.
Fundamentals
As highlighted by WhaleStats, Polygon (MATIC) remains one of the trending tokens. It is one of the tokens that have been purchased the most by the largest Ethereum (ETH) whales since earlier in the month.
In the past week, Walt Disney’s announcement that it has selected the Polygon blockchain for its inclusion in the 2022 accelerator program has also boosted the altcoin’s price.
Polygon price technical analysis
MATIC has extended last week’s gains at the bulls eye the psychologically crucial level of 1.0000. At its current level, it is trading at its highest level in two months.
On a daily chart, Polygon price is trading above the 25 and 50-day exponential moving averages. I am cautiously bullish about the crypto. In particular, I expect the altcoin to extend its gains in the short term, even as broader market sentiment curbs its upward movements.
To get to their target of 1.0000, the bulls will need to gather enough momentum to break the resistance at 0.9396. On the flip side, Polygon price may ease to 0.7360 before the bulls take another chance at hitting crucial zone of 1.0000.
Even with the volatility that may define the market in the new week, I expect MATIC to remain above 0.6255 in the short term. Notably, this support level is at the point where the 25 and 50-day EMAs appear to be converging and may form a golden cross once the short-term EMA crosses the long-term one to the upside.
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