Here’s Why Polygon Coin Price Is Set For 35% Rally
Highlights
- The $0.945 may offer a suitable launchpad to surge a 10% upswing.
- The coin prie moving above the daily EMAs(20, 50, 100, and 200) indicate the buyers are in charge.
- The intraday trading volume of the MATIC coin is $275.9 Million, showing a 9.56% gain.
Amid the current market uncertainty, the Polygon coin price showed notable resilience above the $4.945 mark. This altcoin currently trades at $0.992 and shows lower price rejection at this support reflecting the buyer’s accumulation. As the price has surged above 50% of the last correction phase, the buyers stay the dominant force in this asset, increasing the likelihood of a bullish trend.
Also Read: Polygon (MATIC) Price Jumps 6% After Reddit Said Its Dabbling With the Altcoin
Can Polygon Price Sustain above $1?
For over a month, the Polygon coin has witnessed steady growth with the price rebounded from $0.718 to $0.9995, registering a 40% gain. This V-shaped rally aligned with the increased volume reflects an aggressive rally and the buyers having an upper hand.
On February 18th, the coin price breached a key resistance of $0.948, providing buyers the next footstep for the higher rally. However, with the leading cryptocurrency Bitcoin moving sideways, the altcoin market has witnessed waning bullish momentum including Polygon coin.
The daily candle with a long rejection candle at this support indicates the buyers are experiencing renewed buying pressure. A potential upsurge from this level will push the MATIC price by 10% to challenge the last swing resistance of $1.1.
An analysis of the daily time frame chart shows the current upswing is part of a long-coming chart pattern called a symmetrical triangle. This pattern intact for the past 2 years has a strong influence on the polygon’s near future.
Under the influence of this pattern, the $1.1 breakout will surge the price another 20% to hit the downsloping resistance trendline. If history is an indicator, the MATIC price is likely to face intense supply pressure at this barrier which may promote the continuation of the sideways trend.
Also Read: Polygon (MATIC) Whale Diversify Their Holdings With Innovative A.I Trading Technology
Technical Indicator:
- Exponential Moving Average: The slow-moving 200-day EMA reflects the broader trend is sideways
- Moving Average Convergence Divergence: A bullish crossover between the MACD and signal line reflects a short trend trend is a bullish.
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
