Polygon price has edged higher in Wednesday’s session despite the risk-off sentiment that continues to weigh on the broader crypto sector. As has been the case for over a month now, the altcoin has continued to outperform its rivals.
Fundamentals
The crypto fear and greed index has indicated a fear level of 34 compared to the previous day’s 31. The slight improvement in the market sentiment explains why various cryptocurrencies have eased on the streak of losses recorded since late last week. For instance, BTC/USD is up by 1.05% at $23,237.99. As the leading crypto by way of market capitalization, it tends to set the trend for altcoins.
Since mid-June, Bitcoin price has rebounded by about 35%. During the same period, Ethereum, Solana, and Polygon price have risen by 86%, 42%, and 183% respectively. Polygon will likely continue to outperform its rival cryptocurrencies in the ensuing sessions.
According to WhaleStats, MATIC remains one of the top 10 purchased tokens among the 500 largest ETH whales over the past 24 hours.
Polygon price prediction
Late last week, the bulls managed to hit the psychologically crucial level of 1.0000 before pulling back. Even with the easing, Polygon price remains above the 25 and 50-day exponential moving averages as shown on its daily chart. Based on these technical indicators, coupled with the fundamentals, the bulls remain in control even as the overall market sentiment weighs on the crypto industry.
As I predicted in a previous article, MATIC/USD will remain above the critical support zone of 0.6255 in the short term. In particular, the range between the 25-day EMA at 0.8175 and current resistance level of 0.9396 is worth watching.
If the bulls manage to break the aforementioned resistance, they will have an opportunity to retest the critical zone of 1.0000. On the flip side, a move below the range’s lower border will invalidate this bullish thesis. If that happens, the 50-day EMA at 0.7360 will be a support level worth watching.
