Key support remains steady at $0.3060, while breaking through the $0.3300 resistance level could pave the way to $0.3500. Bullish moving averages and a high RSI indicate potential gains for $MATIC.
Polygon’s MATIC token has been buoyed by the recent U.S. presidential election, trading at $0.3279 with a notable 9.61% increase over the past 24 hours, bringing its market cap to $861.53 million. Trading volume has surged by 108.49% to $17.46 million, driven by pro-crypto candidate Donald Trump’s election victory, which has fueled optimism across the crypto market and pushed Bitcoin to a new high.
Traders are optimistic about crypto-friendly policies, generating bullish momentum across major cryptocurrencies, including MATIC. As more traders enter the market, trading volumes and prices rise, creating positive momentum.
Moving Averages and Crossover Support the Uptrend
From a technical perspective, MATIC’s outlook is largely positive. It has strong support at $0.3060, which should help sustain recent gains. The token faces resistance at $0.3300; breaking this level could set the stage for a move toward $0.3500, adding to investor confidence.
The Relative Strength Index (RSI) is currently at 71.00, placing MATIC slightly above the overbought threshold, indicating strong buying interest but signaling a possible pullback if demand slows. The 14-day RSI average, at 41.60, shows the recent buying surge, positioning MATIC in bullish territory.
Moving averages also favor MATIC’s upward trend. The 9-day moving average has crossed above the 21-day moving average, a bullish crossover often seen as a signal for continued upward movement. The 9-day moving average sits at $0.3060, just above the 21-day at $0.3020.
These moving averages are below the current price, reinforcing the $0.3060 support level and confirming a short-term uptrend. If market sentiment stays positive, these averages could help stabilize the price, preventing a sharp decline even with minor pullbacks.
