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.
Related Articles
Recent Posts
- Price Analysis
Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
Robinhood has taken a major step in diversifying its asset roster by adding two new…
- Price Analysis
What’s Next for Cardano Price After Breaking Below Key Support Level?
Cardano price continues to slide after losing its most reliable floor since early 2024. ADA…
- Price Analysis
Pi Coin Price Could Jump 30%, But There’s a Catch
Pi Coin price is currently hovering around $0.2239 after showing slight consolidation over the past…
- Price Analysis
Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
XRP price continued its downtrend on Monday, reaching a low of $2.20, as the crypto…
- Price Analysis
Chainlink Price Eyes Breakout as Whales Scoop 150K $LINK
Chainlink price has recently shown signs of a potential breakout, although it remains in a…
- Price Analysis
Top Analysts Predict How Low Bitcoin Price Might Fall?
The Bitcoin price keeps pushing toward deeper zones as sellers test pockets around $95K. The…