AI Trading

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.

AI Trading

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.

AI Trading

HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Mark Ackman

By Mark Ackman

Mark Ackman is an experienced news writer and analyst with a knack for uncovering the heart of a story. His articles are insightful, informative, and well-researched, providing readers with a nuanced understanding of complex issues.