The crypto space received a fresh bullish push, with the major tokens surging above their respective resistance levels. Alongside, Polygon is also trying hard to trigger a strong rebound from the interim support, which suggests an extended upswing could be underway. The MATIC price is receiving significant buying pressure, which may elevate the bullish momentum and reach crucial levels above $1.2 soon.
The MATIC price displayed huge strength during the 2021 bull run, where it rose from nowhere to as high as $3 in just a few months. However, the bulls appear to have shifted their focus to the other tokens, and as a result, the price continued to consolidate below $1 for an extended period. Now that the price has approached the apex of consolidation, it is important to watch whether the price breaks the barrier at $0.9.
The MATIC price was trading within a decisive symmetrical triangle and very close to the edge of the consolidation. The Bollinger bands are about to undergo a squeeze, which may suggest a drop in volatility. This could also point to equal pressure from either side, due to which the price may remain in a descending consolidation for some time ahead. However, with a breakout from the bands, the price could trigger a healthy price action in the direction of the volume induced.
Despite the drop in volume, it has been dominated by both the bulls and the bears. In the short term, the price is closer to triggering a buy signal, but in the long term, the token continues to trade under bearish influence. The DMI is closer to triggering a bearish signal, while the ADX is plunging, suggesting a drop in the strength of the rally.
On the other hand, the Polygon network upgrade has begun with the new token, the Polygon Ecosystem Token (POL), which could undergo a huge upswing soon. The MATIC token is about to be migrated to the new token, which may induce significant bullish momentum within the crypto. Hence, with this, the upcoming trend in 2024 for Polygon (MATIC) or the upcoming Polygon Ecosystem Token (POL) may display a magnificent upswing ahead.
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