This market participant has been standing out, thanks to a surprising gain of almost 80% accumulated in just two days, thus achieving an all-time high of $ 1.89. I’m talking about Polygon (MATIC), a native cryptocurrency of a layer 2 network that provides scalability to the Ethereum network.
At the time of this writing Polygon is trading at $ 1.81, accumulating a gain of 26.74% in the last 24 hours, and 140.76% in the last 7 days.
We have been following this cryptocurrency here in Crypto Trend for several weeks, when the price was barely around $ 0.69.
In the previous analysis of this currency, it warned of the great probability that it will reach new historical highs. I also made a price forecast that I thought would fall short.
Indeed it did. Due to the previous strong uptrend, proposing close targets posed with Fibonacci is nothing more than for conservative profit-taking.
Now a big short-term momentum from Polygon may be complete, but there are still no signs of exhaustion visible from the daily chart.
There is a good chance that the momentum is about to end, and if it is, a fall will be nothing more than a healthy correction in search of demand that drives the price up again.
But I repeat, there are no signs that confirm this scenario, and it is never a very good idea to sit and wait for falls in an uptrend as strong as this one. If it happens, the best thing is to take advantage of it to get on the wave.
Polygon Weekly Chart Analysis (MATIC)
From the MATIC price chart with weekly candles we also noticed quite a developed momentum, which could be on the verge of giving way to a correction.
However, the momentum is totally bullish, and it is more likely that we will see new highs first before a decline in the form of a retracement.
With continuing lows and higher highs seen from the weekly chart, Polygon (MATIC) is shrouded in a clear medium-term uptrend.
In case we see the price fall in the near future, it will be nothing more than a product of healthy profit taking. Then sooner rather than later we will see the price get back on track, thanks to an undoubtedly dominant bullish force.
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