Over the past seven days, Polygon’s native token MATIC has lagged behind the returns posted by other top alternative cryptocurrencies.

While MATIC has gained 10% during this period to trade around $0.86 at press time, other top altcoins like Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), and Solana (SOL) have posted over 15% returns.

According to crypto trader MyCryptoParadise_Simon on TradingView, MATIC displays “promising market behavior” that could foreshadow an impending bullish breakout:

“Paradisers, focus on MATICUSDT as it’s showcasing a promising market behavior. Following a rejection at resistance, it is now regaining strength in a demand zone, preparing for another shot at breaking through the resistance, with a bullish move highly anticipated post-breakout.”

He notes that MATIC has shown a reliable pattern in the past of breaking out from descending trends to trigger uptrends. Presently, the token seems to be gearing up for a “potentially robust bullish move” with strong momentum signaling a bullish trajectory.

MyCryptoParadise_Simon suggests that if momentum holds, MATIC could test higher resistance around “$0.9819 and $1.2425.” However, crypto markets stay unpredictable, so traders must “stay prepared for various scenarios.” For example, if the current breakout stalls, MATIC could find support around $0.7722 to pave the way for more bullish recovery.

Polygon (MATIC) Price Analysis by altFINS

altFINS highlights the token’s recent bullish breakout from its $0.50-$0.60 trading range. This breakout propelled MATIC above its 200-day moving average, signaling a bullish trend reversal into an uptrend. Price hit altFIN’s $1.00 resistance target before pulling back from rejection at that level.

The nearest substantial support now sits around $0.75. This horizontal level aligns with the 50% Fibonacci retracement, making it an attractive potential swing trade entry to play more upside back towards $1.00 resistance. Further support below that comes around $0.69 by the 200-day moving average and 61.80% Fibonacci level.

Momentum shows mixed signals for now. The MACD line printing below its signal line appears bearish, but an RSI above 55 maintains bullish optimism. Additionally, rising MACD histogram bars indicate building momentum that could spark another near-term push higher.

When eyeing potential support and resistance zones, traders should watch $0.75 as the first support, followed by $0.60 below it. On the upside, $1.00 marks the initial resistance target, with $1.25 resistance higher up.

Meme Kombat Gaining Traction

The meme coin sector continues gaining popularity, with a new crypto project called Meme Kombat (MK) leveraging the hype effectively.

This Ethereum-based token has already attracted $2.6 million in its initial coin offering (ICO).

At its core, Meme Kombat is a battle arena combining memes with play-to-earn gaming. The AI-powered arena hosts matchups between famous meme coin mascots like Doge, Pepe, and Wojak for players to wager on.

To promote long-term engagement, Meme Kombat features a built-in staking system where users can stake MK tokens to earn yields up to 317% APY. This makes earning seamless through both gaming and staking.

Leveraging algorithms on Ethereum, the arena randomly generates meme battles with fair, unpredictable outcomes for players to wage on. As meme characters square off across tournaments, ample wagering opportunities arise to pick winners and claim prizes.

Meme Kombat season one kicks off soon, featuring 11 popular meme coin mascots degens adore.

Meme Kombat offers a solid gaming platform to drive intrinsic value. This explains its current popularity.

With the presale nearing conclusion, MK trades at $0.235 and should hit $0.246 in coming days. Once the presale finishes, Meme Kombat plans to officially launch its meme-battle gaming arena for public access.

Visit Meme Kombat (MK) Presale

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The post Polygon Traders Focus on MATIC’s Promising Behavior While Meme Kombat Heats Up appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 8, 2023 5:21 pm