Will MATIC reach its all-time high level after the recent rally?
The cryptocurrency market is still down from its all-time high level, but some coins have been performing excellently.
The broader crypto market has been in a bearish trend for the past three weeks. The prices of most coins are down from their all-time highs as the market retraces from its excellent start to November.
MATIC, the native token of the Polygon ecosystem, has rallied by more than 10% over the past 24 hours. The rally comes despite the broader cryptocurrency trading in the red zone. The rally comes after a Polygon exchange-traded product (ETP) was listed on the Euronext exchanges in Paris and Amsterdam.
21Shares is one of the leading cryptocurrency ETP issuers, and it listed the product linked to Polygon yesterday. Thus, resulting in MATIC rallying by more than 10% over the past 24 hours. The coin could rally higher over the coming hours if it maintains its current momentum.
Key levels to watch
The MATIC/USD 4-hour chart is one of the most bullish amongst the top 20 coins by market cap. Over the past 24 hours, MATIC’s price has soared by more than 10%, surpassing the other leading cryptocurrencies.
The MACD line is above the neutral zone, indicating strong bullish performance. The RSI of 63 shows that MATIC is currently heading into the overbought region. Its technical indicators are showing strong bullish tendencies, and the coin’s price could rally higher.
If MATIC maintains its current momentum, it could break past the first resistance point at $2.19 over the next few hours. An extended rally from the cryptocurrency could see its price top the $2.4 mark before the end of the day.
Despite its recent rally, MATIC would need the support of the broader cryptocurrency market if it intends to reach its all-time high price of $3 and rally higher over the coming hours and days.