• Key support holds at $0.3060; breaking the $0.3300 resistance could lead to $0.3500.
  • Bullish moving averages and high RSI indicate a potential for $MATIC

Polygon’s MATIC token is riding high, buoyed by the recent outcome of the U.S. presidential election. Currently trading at $0.3279, MATIC has gained a solid 9.61% over the last 24 hours, pushing its market cap to an impressive $861.53 million. 

Trading volume has also surged, with a notable 108.49% jump to $17.46 million, as traders respond to the election win of pro-crypto candidate Donald Trump. His victory has energized the broader crypto market, pushing Bitcoin to a new all-time high and lifting prices across the board, including for MATIC.

Many traders see it as a positive sign for crypto-friendly policies, and this sentiment has fueled bullish momentum across major cryptocurrencies, including Polygon’s MATIC. With more people jumping in on the action, trading volumes and prices are climbing, creating a green wave in the market.

Moving Averages and Crossover Reinforce the Uptrend

Looking at MATIC’s technical chart , the signs are mostly positive. MATIC has solid support at $0.3060. As long as MATIC can hold this level, the recent gains should be safe. On the other hand, MATIC is also facing resistance at $0.3300. If it manages to break through this level, it could open the door for a run toward $0.3500, sparking even more optimism among investors.

MATIC Surges as US Election Sentiment Fuels Further Gains image 0 MATIC Surges as US Election Sentiment Fuels Further Gains image 1

One key indicator is the Relative Strength Index (RSI), which currently sits at 71.00. This places MATIC slightly above the typical overbought level, suggesting strong buying interest but also indicating a potential pullback if demand slows. The 14-day RSI average, at 41.60, reflects the recent surge in buying, pushing MATIC into bullish territory.

Moving averages are also aligning in MATIC’s favour. The 9-day moving average has climbed above the 21-day moving average, indicating a bullish crossover, which traders often view as a sign of further upward movement. The 9-day moving average is currently at $0.3060, with the 21-day just below it at $0.3020.

These averages sit below the current price, reinforcing the $0.3060 support level and confirming the short-term upward trend. This bullish crossover adds another layer of support to MATIC’s recent price gains. If market enthusiasm holds steady, these averages could act as a buffer, keeping the price from dipping too low even if there’s a slight pullback.

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