After breaking out of its descending triangle and adopting a positive price movement versus tether (USDT), Polygon’s (MATIC) price has maintained steady above the critical support region. In contrast, the BTC price remains in its range, driving most crypto assets down. The crypto market has not had the October that many predicted, as the market has continued to range while displaying some early indications of rebounding.
Except for a few standout currencies like Polygon (MATIC), Bitcoin (BTC), and Ethereum (ETH), most crypto assets have stayed inert. Most projects have performed poorly in the bear market, with several incurring more than 50% price drops, deterring most traders and investors from hoarding these assets.
With Bitcoin’s dominance (BTC.D) increasing and the price of BTC fluctuating, most crypto projects, including the price of MATIC, have exhibited less aggression after breaking out of its falling triangle. With BTC.D attempting to restart its surge over the 43% threshold, altcoins will be harmed if BTC falls in price, preventing other currencies, such as MATIC, from surging.
After rebounding to £0.89, the price of MATIC encountered resistance as it attempted to trend higher to £1.33 after rallying from a weekly low of £0.27. The price of MATIC retraced to an area of £0.68, where it built solid support before rallying to a high of £0.89 as bulls maintained control of the price; if the price of MATIC remains above the 0.77 support, we may witness other rallies from MATIC.
MATIC’s weekly price resistance is £0.89, and MATIC’s weekly support level is £0.68. The price of MATIC on the daily timeframe has shown perseverance as it continues to retain and sustain bullish momentum following a successful breakthrough from a descending triangle.
MATIC’s price failed to break over £0.89, but it has demonstrated strength by remaining above its critical support, which would serve as the foundation for further rises. If MATIC’s price falls below £0.68, bears may seize market control.