I think we are a long way from a bull run right now. So in my opinion this price increase is just temporary and will potentially fall back to its strong resistance level (around 1$), which can work as its support now.
It can also fall back in the channel below the resistance.
The trade is placed as per the Fib levels that I use for buying back after the pump, which are forming exactly in the resistance region marked.
I am shorting Matic for now and will bear the loss if it moves past my expectations.