The MATIC price has been glued to the $1.05 level for 12 days, and traders are growing impatient. Polygon needs a kicker, but what?
Polygon (MATIC) is trading at $104.775, down $0.0018 (-1.47%).
Like many digital assets, the MATIC price has been trading sideways in a tight range for the last two weeks. Of course, this is due to Bitcoin’s indecision at the $40,000 level.
The inactivity has produced no material change in Polygon’s market cap, which sits around $6.7 billion, ranking MATIC the 18th-largest cryptocurrency.
However, despite the recent bout of price discovery, the market leader will forge a path higher or lower soon. And when that happens, MATIC will likely follow suit.
But for now, Polygon players must sit tight in anticipation of BTC’s impending break.
Polygon price levels to watch
Focusing on the daily price chart, we see Polygon broke out of a descending triangle pattern and is now hugging the 50-day moving average at $1.0416.
Above the 50 DMA, the 100-day offers resistance at $1.2267 and is an obvious upside target. If the MATIC price scales the 100 DMA, it sets up nicely for a run at June’s $1.7580 high.
Below the market, the 200 DMA at $0.7399 should be considered essential support. Despite trading below the average in July, the MATIC price has not closed beneath it since January the 4th.
And therefore, if it does, it may spell disaster for the bulls.
And on that basis, how Polygon performs shortly could have long term implications. But this remains at the mercy of Bitcoin.
MATIC price chart (Daily)
For more market insights, follow Elliott on Twitter.