MATIC Breaks Above $0.7 Mark After Long-Term Retracement

• Analyst KALEO observed that MATIC’s price reached the solid higher-time frame (HTF) support.
• MATIC is priced at $0.7049 after it has recently crossed beyond the $0.7 mark.
• There is a high possibility that MATIC could recover back to the $1 level soon.

Today, a crypto analyst under the pseudonym of ‘KALEO’ observed that MATIC’s price reached the solid higher-time frame (HTF) support in the MATIC/BTC 1-Day chart. The crypto analyst further mentioned that the solid HTF support was determined from the base of the range that dates back to mid-2021.

Moreover, the crypto analyst insisted that Polygon was one of the assets to buy during a downtrend period, foreshadowing an uptrend event. KALEO also predicted that MATIC could reach the 3K stats level soon in the MATIC/BTC 1-Day chart.

In the last week of June, the crypto analyst also hypothesized that MATIC would be “completing the retrace to the base of the range.” Since MATIC has finished the retracement and has begun to climb upwards recently, this could confirm that KALEO’s hypothesis was correct. Finally, the crypto analyst concluded the tweet by stating that MATIC could reach $1 in the MATIC/USDT 1-Day Chart.

Observing the MATIC/USDT 1-Day chart, MATIC is priced at $0.7049 after it recently crossed beyond the $0.7 mark. The $0.7 level could be considered a significant point as several price actions were observed in this area.

Earlier, MATIC was trading below the $0.7 level, making the resistance goal for the altcoin. Since MATIC recently jumped above this key level, it is expected that the altcoin would climb upwards after experiencing a long-term price retracement. 

After analyzing the price movement, MATIC could reach $1 resistance in two situations — during a highly volatile market or during a gradual uptrend market. There is a high possibility that MATIC could reach $1 during the high volatility period as the Bollinger bands indicator continues to expand.

Moreover, the Bollinger Band Width (BBW) is pointed upwards, confirming that  Bollinger Bands would continue to expand (a highly volatile market sign). During this volatile market, MATIC could reach $1 by the mid-week of July or August.

In the gradual uptrend market, MATIC could reach the $1 level in September after experiencing a 40.61% surge in 60 days. However, it is difficult to confirm whether MATIC could experience a gradual uptrend market. In both scenarios, MATIC has a high chance of reaching the $1 level soon. Hence, the crypto analysts’ prediction of MATIC reaching $1 could become true.

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