MEXCHere’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead
Highlights
- The polygon price jumps 46% to $1 with a notable increase in Futures Open Interest, indicating rising confidence.
- The $1.09 stands as a high supply zone against MATIC recovery.
- The intraday trading volume of the MATIC coin is $275.9 Million, showing a 9.56% gain.
MATIC, the native cryptocurrency of Layer 2 solution polygon has managed to regain the $1 psychological level amid the current market recovery. Within a week, the coin price surged from $0.92 to $1.067 registering a growth of 16.68%. With the bullish momentum intact, the polygon price is nearing a bullish breakout from the key resistance of $1.09. Should you enter this breakout?
Also Read: Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000
Is Polygon Price Ready To Sustain Above $1
The Polygon coin reverted from its last correction trend in late January when the price rebounded from the $0.71 support. A V-shaped recovery backed by increasing volume projected sustainable growth and surged price by 46% to trade at $1.
In the same period, Polygon Futures Open Interest witnessed a significant increase of 117%, escalating from $202.1 million to $438.68 million. Growth in this metric highlights increasing adoption of the network and interest for market participants toward the asset.
This fundamental growth coinciding with the broader market recovery sets the MATIC price for higher recovery. An analysis of the daily chart shows a symmetrical triangle pattern that carries a sideways trend in this altcoin for nearly two years.
Under the influence of this pattern, the Polygon price should lead the current recovery to the overhead resistance trendline, indicating a growth potential of 25%.
However, a breakout above the triangle pattern will signal a better confirmation of recovery.
Also Read: House Republican’s Pro-Crypto Bill Gets Major Push, Institutional Adoption To Soar?
Whale Moves $13.6M in MATIC to Binance, Will its Impact Recovery?
Whale Alert, a cryptocurrency transaction tracking service, reported a significant transfer of 13,094,113 MATIC, valued at approximately $13.6 Million, from an unidentified wallet to Binance. This notable transaction could impact MATIC’s market dynamics, as large movements to exchanges often precede selling pressure or strategic positioning by major holders.
🚨 13,094,113 #MATIC (13,691,692 USD) transferred from unknown wallet to #Binancehttps://t.co/iMv85xMTGe
— Whale Alert (@whale_alert) February 27, 2024
Thus, if the supply pressure persists at the overhead trendline, the polygon coins could prolong the sideways trend.
- Exponential Moving Average: The fast-moving 20-day EMA will offer trades at suitable support to maintain the recovery trend.
- Vortex Indicator: A bullish crossover between the VI+ and VI- hints the buyers are the dominant force in this asset.
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
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.
24 Hours volume
$80.63K
Market Cap
$375.8M
Max Supply
10B
