MATIC price underwent an impressive upswing over the past month as it shattered multiple resistance levels and reached levels last seen roughly two months ago. However, the uptrend might need to take a break before a new leg-up begins as the entire crypto market sprouts signs of exhaustion.
MATIC rallied a whopping 138% since July 20. The last leg of the rally pierced the price of $1.43 resistance barrier but failed to close above it. This development indicates that it was a move to collect liquidity resting above these highs and that a price pullback is on its way. Moreover, a similar struggle is being witnessed by the big crypto, Ethereum, and many altcoins.
Therefore, investors can expect this rally to retrace to the price of $1.25 stable support level, roughly 13% from $1.43. Market participants can expect a resurgence of buyers from this point to produce a decisive 12-hour candlestick pattern close above $1.43. This move opens up the path to a 20% ascent to $1.72.
Although unlikely, the Polygon MATIC price might breach the $1.25 foothold in certain situations. While this crash might delay the upswing, it will not jeopardize it.
However, if the $1.02 demand barrier is shattered, it will create a lower low and invalidate the bullish thesis. This extension of the downswing might trigger selling pressure, which might lead to a 12% crash to $0.90 level and, in a highly bearish case, $0.78.
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