Polygon price sets sights on $2 after crucial breakout while Galaxy Fox memecoin preps for Mainnet launch

Polygon’s MATIC token has reclaimed the key $1 price level for the first time since late 2023. Renewed bullish momentum comes as emerging crypto project Galaxy Fox also builds traction through the finale of its ongoing presale event.

Polygon (MATIC) Breaks Crucial $1 Resistance After Months

MATIC finally broke through the crucial $1 resistance level today, a price not seen since late 2023. In fact, the price got rejected at $1 a few times in December so for almost 2 months now this level acted as a very strong resistance for MATIC. MATIC is currently trading at $1.02, up 7% in the last 24 hours and 22% over the past week.

This bullish price action comes after months of MATIC struggling to reclaim the $1 mark. However, positive developments in recent weeks regarding Polygon’s technology and partnerships seem to be shifting market sentiment.

Notably, Coinpedia posted an in-depth MATIC price analysis on TradingView, outlining a variety of technical factors supporting the cryptocurrency’s resurgence:

“MATIC’s price has shown resilience with a quick recovery, challenging the descending trendline that has been in place…Last week, Polygon (MATIC) experienced a significant jump, increasing by 19.63%, signaling strong bullish momentum. The recovery and bullish revival hint at a possible breakout of the $1 mark, setting the stage for a continued uptrend.”

Coinpedia also highlighted MATIC’s “rounding bottom formation,” suggesting the potential for a broader trend reversal and breakout rally to retest its all-time high near $2.70 in 2024.

Beyond the rounding bottom pattern, Coinpedia highlights a potential double bottom formation in MATIC’s recent price action. With the neckline at $1, this presents a classic bullish reversal setup if MATIC can confirm the pattern with a breakout.

Trading volume on MATIC has notably increased 34% amidst this consolidation, lending further credibility to the gathering upside momentum. MATIC currently trades right at the cusp of $1, last seen at $0.9952.

If the rally sustains past the $1 threshold, Fibonacci extensions present upside targets at $1.34 and $1.63. With accelerating bullish momentum, MATIC could conceivably make a run toward the $2 level where it peaked last cycle.

However, Coinpedia cautions that MATIC remains vulnerable to a swift rejection and retracement back below $1 support. A dip beneath $0.96 could trigger a further correction toward $0.85—erasing the recent rally. Thus, the coming days will prove critical for MATIC to flip previous resistance at $1 into support.

In addition, popular crypto analyst Blockatoshi, with over 10,000 followers on X, recently tweeted a bullish outlook on MATIC:

“Bullish on $MATIC – Most underrated L2, Advanced ZK technology, MacD flipping green next month, $1 flipped as support, Real use-case and partnerships. Don’t be late to the party.”

Blockatoshi cites MATIC’s leadership in ZK rollup technology and real-world adoption through partnerships as reasons for a potential breakout.

Support Levels

However, MATIC faces the risk of rejecting further upside if bulls cannot sustain prices above the breakout level near $1.00. A failure to flip prior resistance into support could trigger a downside correction.

Initial support exists around $0.95 where the upper boundary of MATIC’s recent trading range lies. Beneath this, the 50% Fibonacci retracement level near $0.90 represents the next critical floor. Losing the $0.90 support risks invalidating the entire bullish thesis and reversal pattern taking shape. MATIC bulls need to vigorously defend this area to maintain positive momentum in the coming weeks.

Long-Term Ambitions

Despite its recent resurgence, Polygon currently ranks just #14 in market capitalization at $9.6 billion. This represents a large drop from its 2021 peak near the top 5. Reclaiming a spot among the highest-valued blockchain networks will require substantial fundamental growth.

Threats also loom from rival layer 2 solutions like Optimism and Arbitrum that have outperformed MATIC in recent months. Strengthened competition for developer activity and user adoption explains Polygon’s underperformance compared to peers amid otherwise positive industry momentum.

Galaxy Fox Gears Up for Mainnet Launch

As Polygon regains bullish momentum, an emerging crypto project called Galaxy Fox continues gaining traction ahead of its upcoming mainnet launch. Currently, in stage 8 of its presale, Galaxy Fox has sold over 2.7 billion tokens at $0.002178 thus far, raising over $3.5 million.

Blending meme coin hype with play-to-earn tokenomics, Galaxy Fox aims to build an engaged community and offer various channels for earning income. According to its whitepaper, Galaxy Fox holders can earn passive returns through staking rewards, P2E gaming, NFT sales, and more.

For example, Galaxy Fox introduces a Web3 endless runner game where players earn GFOX tokens based on in-game achievements. The top 20% of user scores each season will earn additional token rewards. Galaxy Fox is also set to launch 3,000 unique NFTs with special abilities that make earning tokens even more exciting.

While ambitious with its P2E gaming and metaverse vision, Galaxy Fox aims to give back value to users through clever tokenomics. For example, 2% of transaction fees feed into a “Stargate” fund designed to foster community engagement and fund marketing initiatives.

As the project’s presale enters its final stage before mainnet launch, Galaxy Fox tokens are eyeing a listing price of around $0.0024—a 10% increase from current presale levels. With meme coin mania still running hot and P2E gaming gaining adoption, Galaxy Fox presents an intriguing speculative bet for crypto investors. However, conducting due diligence is still essential given the inherent risks with newly launching tokens.

Conclusion

After months of rangebound price action, Polygon’s MATIC token has regained bullish momentum this past week to break out above the crucial $1 resistance level. With positive sentiment returning for the leading layer-2 scaling solution, MATIC appears poised to challenge its all-time high near $2.70 this cycle.

Meanwhile, newcomer Galaxy Fox nears the finish line for its presale as it prepares for mainnet launch. Blending aspects of meme coins and play-to-earn crypto gaming into its platform, Galaxy Fox will attempt to build a thriving community and offer myriad options for earning income. Crypto investors intrigued by this ambitious project might closely monitor developments in the coming weeks leading up to Galaxy Fox’s full launch.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale

Join The Telegram Group – https://t.me/galaxyfoxtoken

Follow Galaxy Fox on Twitter – https://twitter.com/GalaxyFoxToken