By Mark Ackman
On Thursday, the trading price of Polygon (MATIC) experienced a great surge. It happened as the US Feds shared positive data for the October inflation rates.
The Consumer Price Index (CPI) Came in Positive
As the month of October ended, all the investors were eager to see the consumer price index data to be shared by the Feds.
The entire investment community, including the cryptocurrency investors, wanted to know if the strategy adopted by the Feds was working out or not.
If things would work out, the value of the dollar would edge lower, giving room for the cryptocurrency industry to surge.
As the Feds shared promising CPI statistics for the month of October, the dollar edged lower, helping the cryptocurrencies rise significantly in value.
Polygon Price Surged
The same (CPI) factor has helped push the trading price of Polygon (MATIC), which is known for being one of the strongest cryptocurrencies.
The TradingView data shows that the value of MATIC versus the USD spiked and as the trading entered midday, its price moved up to $1.08. It was the intraday peak price MATIC managed to hit in 24 hours.
Prior to the surge, the value of MATIC was moving in the bearish territory. Its trading value was at a low of $0.7789. MATIC reportedly experienced an almost 39% rally to move higher.
Polygon Crossed the Resistance Level
The recent trading session was nothing less than a battle between the bears and the bulls. Both sides were persistent to steer MATIC to their sides.
However, it was the bulls backed by the CPI data that helped the trading price of MATIC to move higher.
The first challenge for the bulls was expected to be at $0.95. The bears would try their best to defend the particular level but the CPI factor added strength to the buying sentiments of the investors.
It allowed the bulls to push harder and cross the resistance level to cross the next key resistance level at $1.00. The bulls were successful with their buying efforts as they crossed the particular level with ease.
Bulls are Aiming for $1.20
Even after hitting a high trading mark of $1.08, the bulls do not seem to have given up on their buying sentiments.
The Feds are expected to share the non-farm payrolls (NFP) data in the upcoming week. If the data is positive, it could lead to another bullish run for the entire crypto industry.
In this particular case, MATIC would earn another rally, which may help the bulls eye another target. This time, it would be a higher jump that could see the price of MATIC rise up to $1.20.
In the recent trading activity, MATIC’s RSI has also edged higher, and it is currently traveling in the bullish zone. It also indicates that the price of MATIC may continue moving higher and hit the $1.20 mark.