MATIC’s Unexpected Surge: What Could Have Triggered This Event?

MATIC experienced a surge and continued to drift around in the green zone over the week. At the start of the week, MATIC was trading at $0.5153 and was residing in the red zone; however, the spike that the altcoin experienced made it cross beyond the $0.53 level.

Moreover, the trading volume also started to experience a slight 2.04% spike in the market, which could have been attributed to the rising demand of investors. It seems that the recent surge could have been triggered by Polygon’s successful Dragonfruit upgrade announcement.

Dragonfruit Upgrade: successful

Polygon zkEVM Mainnet Beta upgrade + bridge operations have completed successfully. System resumes full activity.

Devs, the list of EVM networks that support PUSH0 opcode:
1) Ethereum
2) Polygon zkEVM Mainnet Beta https://t.co/YEjDhHDD6w

— Polygon (@0xPolygon) September 20, 2023

Earlier today, Polygon announced that Dragonfruit Upgrade was successful, making the Polygon zkEVM Mainnet Beta up-to-date with the latest version of Solidity. Moreover, the network also stated that the bridge operations have been completed successfully. This announcement may have bought the traders’ attention, hence, igniting a surge in the MATIC’s market.

MATIC/USDT 3-Hour Chart (Source: TradingView)

Looking at the MATIC/USDT chart, the candlesticks, earlier, seem to be trading in a falling wedge pattern as it formed low lows and low highs. Normally, crypto analysts expect a surge at the end of the falling wedge pattern; however, MATIC failed to enter the bullish market.

Despite the downfall, the current critical support line once again proved to be a major stronghold for MATIC. When the candlesticks fell below the support line, they climbed once again and continued to trade slightly above the critical support region. This price action could decide MATIC’s market fate in the coming days.

If MATIC is able to maintain its current position and form green candlesticks, then, there may be a chance that Polygon’s native token could finally experience a bullish breakout. Finally, to reach its recovery point, MATIC needs to touch the $0.7 resistance level before it expects to climb back to its $1 level.

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