The popular cryptocurrency of Polygon (MATIC) is experiencing impressive gains due to a return of general bullishness in the crypto markets. Data from Coinmarketcap.com shows that Polygon (MATIC) has had an amazing week, rising in value by a massive 10%. The digital asset is also firmly in the top ten in terms of market capitalization.
Polygon (MATIC) Could Target $1 Afte Defying a Death Cross
Further checking the one-day MATIC/USDT chart below courtesy of Tradingview.com, it can be observed that Polygon (MATIC) has turned bullish after it defied a death cross between the 50-day (white) and 200-day (green) moving average.
In addition, MATIC/USDT is trading above all three crucial daily moving averages: the 50-day, 100-day (yellow) and 200-day. Its daily MFI, MACD and RSI are almost in overbought territory, hinting at the likelihood of consolidation at current levels before an additional push towards the $1 mark, provided the crypto markets remain bullish.
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