The price analysis of MATIC shows that the token is likely to have a strong rebound as it bounces up. Currently trading at $0.582729, Polygon has seen a +1.40% in the last 24 hours and has a trading volume of  $223,938,825. Some analysts believe that MATIC is on the verge of a huge surge and may even reach the $1 mark. This optimism is in contrast to the recent declines in the asset due to the Federal Reserve’s tightening of its monetary policy.

Following a sharp price drop in the previous week, altcoins have bounced back in the last day. MATIC has risen by 9% from multimonth lows near $0.53 to approximately $0.5775. Crypto analysts believe that MATIC could extend the recent rally towards targets such as $0.95 and even $1.15, provided that the resistance is overcome at the $0.6 psychological level. The price action in the recent past reveals a change in the sentiment to a bullish one as MATIC has formed green candles after a long bearish phase.

MATIC Price Analysis: Some Positive Indications and Possible Bullish Signals

The 4-hour chart shows that MATIC has violated a crucial low at $0.570, dropping to $0.529 before demonstrating a very high level of rejection at this level. This has created minor support around $0.529, which forms the basis for an upward movement. Currently consolidating around $0.57, MATIC appears to be preparing for a possible breakout based on the current price action. The MACD line crossing above the signal line and a green histogram rising further supports this bullish shift as it shows that buying pressure is increasing.

Technically, if MATIC continues with the current trend, it could surpass previous high at $0.61. The formation of support and the MACD signal indicate a bullish market outlook. If this upward trend persists, MATIC could aim for even higher resistance levels, which would strengthen its rebound and possible bullish trajectory.

However, the Polygon ecosystem has been strengthened by new collaborations with Ronin and FOX Corporation. Such partnerships are expected to enhance the use and need for MATIC, thus making the ecosystem more appealing to developers. Therefore, MATIC is building up for a breakout and if the momentum persists, it will surpass previous highs and go up.