Polygon price currently is manifesting an extreme bullish sentiment as is maintaining a notable upwards trajectory for a long time. The dominant cryptos are swinging within a narrow range and paving way for the other asset to swell to its new highs. MATIC price quickly utilized this opportunity and is currently on its way to smash the current ATH and head towards the $3 milestone.
Currently, the MATIC price is trending within a very crucial phase. The asset may face rejection if not sustained strongly. The asset is very close to its current ATH and is struggling to break through the crucial resistance area.
Maybe due to lack of buying pressure, the price is not receiving the required support. But the selling volume in the short term also appears to be mounted. Hence the upcoming trend is slightly misty.
Polygon (MATIC) Price Analysis
The hourly chart shows the asset may undergo a minor correction phase to retest the encircled area. As the selling volume from the past couple of hours has been accumulated and the buyers also remain passive. Yet the levels within the circle are very crucial as both the possibilities pop up.
If MATIC Price is sustained within these levels, it may eventually consolidate for a while. And eventually, slice through hit a minimum of $3. If the price fails to sustain, a notable pullback towards the local resistance around $2.18 may be on the horizon.
However, the bearish fall appears to be a bit unlikely for the MATIC price as it gained extreme bullish momentum amid a recent price correction. And hence even if the asset faces a small pullback, yet a substantial bull run appears to be more likely.
On the other hand, it may be a little risky trade as of now as the asset is very close to its ATH and the possibility of trend reversal always haunts at these levels.
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