Polygon price is on a mission to find higher support ahead of the next bullish move to $1.60 and $2.00, respectively. The Ethereum layer 2 blockchain has in the last 30 days rallied 27% to trade at $1.26 at the time of writing. However, we must put into consideration the 17% dip over the last two weeks.

Like the larger crypto market, MATIC price remained depressed this week amid regulatory pressure from the United States and Asia. Financial oversight bodies from the US, especially the Securities and Exchange Commission (SEC) are closely watching the industry against the backdrop of the FTX collapse.

Similarly, Hong Kong in its quest to become the next crypto hub has proposed a set of new guidelines to foresee the operations of trading platforms. The regulator, SFC, has requested existing crypto exchanges to plan to comply with the new rules or start planning their exit.

Will Polygon Price Rebound This Weekend?

Polygon price has come under heavy selling pressure this week characterized by declines from $1.56 to support above $1.25. The buyer congestion at $1.25 is critical for the resumption of MATIC’s uptrend and must be defended at all costs.

A rising multi-week trendline upholds the same support, hence the possibility of a trend reversal this weekend. Polygon price already shows signs of a recovery by printing a green candle on the daily chart.

Key bullish indicators include a golden cross on the same daily chart. Investors increased their activities in the market toward the end of January as the 50-day Exponential Moving Average (EMA) (line in red) crossed above the 200-day EMA (line in purple).

Golden crosses are highly sought-after chart patterns that often confirm an incoming bullish breakout in an asset. Every time MATIC presents this pattern the price climbs significantly with the possibility of starting a bull market.

That said, investors should not worry about the pullback from $1.56 but can capitalize on the lower-priced tokens to build momentum behind Polygon price. Support at $1.25 would determine the direction MATIC takes. For instance, a daily close above this area will likely keep investor interest intact and pave the way for the expected rebound to $1.60 and $2.00.

On the flip side, if declines overwhelm support at $1.25, chances of a prolonged retreat possibly to $1.00 would increase. Any signs of instability in the crypto market might trigger panic selling, especially with unfavorable macroeconomic factors and regulatory pressure taking precedence.

A sell signal from the Moving Average Convergence Divergence (MACD) indicator suggests the path with the least resistance is still to the upside. In this case, a break and hold below the buyer congestion at $1.25 – illustrated in the lower yellow band could cause a massive buildup of overhead pressure and pave the way for losses to $1.00.

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