MATIC Price Analysis: Will Bulls Extend Rally Past $2.22? Polygon Announces Collaboration With Geodatablock

• MATIC rose in defiance to the market selloff
• The price of MATIC was up 17.19% on the day to $2.72, having gained over 104.95% on a 7-day basis
• The growing demand for layer-two decentralized applications is boosting MATIC price

The cryptocurrency market is posting a mild recovery following the intense sell-off seen since the weekend. Polygon (MATIC) remains one of the small handful of cryptocurrencies that rose in defiance to the market selloff, posting 5 consecutive days of positive action to reach all-time highs of $2.72. At the time of writing, the price of MATIC was up 17.19% on the day at $2.56, having gained over 104.95% on a 7-day basis. Ranking 17th largest, MATIC has a present market capitalization of $13.14 billion and $4.66 billion in traded volume over 24 hours. The growing demand for layer-two decentralized applications is boosting MATIC price, recent data indicates that 75,000 new users were onboarded onto the polygon network. Polygon, formerly known as Matic, has made the news recently due to the influx of fresh partnerships continuously. The latest being that of Geodatablock, the first Decentralized Big Data Sharing Ecosystem.

Key Levels
Resistance Levels: $4.0, $3.50, $3.0
Support Levels: $1.50, $1.00, $0.67

MATIC/USD Daily Chart: Bullish

MATIC/USD Daily Chart

MATIC resolved double bullish pennant and ascended higher into the fifth straight day from the $0.95 support on May 13. The pair has broken to a new all-time high of $2.72, suggesting the next leg of the uptrend has likely started. It looks to move further higher as the daily RSI is yet to confirm overbought conditions above 80. A consolidation stint may ensue before the next move higher.

Above the $2.72 all-time high, the next resistance in the uncharted territory comes in at the $3.0 level where a break will target the $3.5 level. Alternatively if price retreats, immediate support comes in between $1.47 to $1.89 level. Below this level will turn attention to the $1.05 and $0.77 levels. Further down, support is seen at the MA 50 at $0.67.

MATIC/USD 4-Hour Chart: Bullish

MATIC/USD 4-Hour Chart

On the 4-hour chart, MATIC remains in an uptrend. The upsloping moving averages lend credence to the positive structure. MATIC price is returning lower due to the resistance at the all-time high of $2.72 with the RSI pointing slightly down in the positive region.

A successful rally above $2.72 could take price until the $3.0 mark and then $3.5. More aggressive buying interest could open the way to $5. On the downside, a cut below the $2 psychological level could hit the next support at $1.89 ahead of $1.51 and the MA 50 currently at $1.37. If the bears continue to sell, the next support levels could come from the $1.22 level, $1.00, and the MA 200 at $0.79.

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