Polygon’s Trading Price To Surge To $0.86 Based On Weakening Price Of USD

In the latest trading sessions, the market has witnessed a significant push in the trading price of Polygon (MATIC). On October 13, the trading price of MATIC reportedly formed a long tail.

Bulls are Showing Aggression

The long tail formed for MATIC has made it clear that the bulls are currently bullish. They are aggressively fighting the bears and are not letting the bears take control of the trend.

According to the data, the bulls are buying MATIC as soon as it comes close to the support zone. At the time of writing, the support zone for MATIC is $0.69 and it moves all the way up to $0.71.

For now, the bulls have made the particular zone a strong support territory that the bears are fighting too difficult to breach.

Momentum Continued Throughout October 14

The last time the trading price of MATIC came close to the strong support zone was on October 13. This is when the bulls launched a strong buying attack on the bears and managed to push MATIC’s price.

The bulls launched a strong rally that formed a strong rebound, which started to push MATIC’s price higher. The rally continued throughout October 14 and they thought they could push its price even higher.

On that particular day, the bulls tried their best to move MATIC out and over the downtrend line. However, the entire outcome was based on the bears.

The bears did not let the bulls form a stronger rally to push their price over the downtrend line. They held their ground and finally, the trading price of MATIC was not able to cross the particular level.

Supply and Demand are Balanced

As of now, the moving averages for MATIC are flat and its RSI is also placed in the middle. As per the market observers, this is where a balance has been formed between the supply and demand for MATIC.

As per the market analysts, the trend has the potential to lean in either direction. However, the bulls may be able to steer it in their direction and the US economic data may come in handy.

Just recently, the CPI data that the US Feds released for the month of September was promising. The situation was the same for the inflation rates, allowing the Feds to continue with hiking the interest rates.

Therefore, USD investors are now taking a breather, which has allowed other fiat currencies to gain momentum against the USD.

With the weakening USD price, the market trading prices for cryptocurrencies are to move in a positive direction.

This means that the situation would fall in favor of the bulls and they may be able to push it to $0.86. Going forward, the bulls would be able to push MATIC to a high of $0.94.

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