Sign Up on MEXC
The polygon coin price is rising with a broadening channel pattern. In theory, even though this chart pattern leads a steady uptrend, the coin price is susceptible to a significant correction if it breaches the support trendline. However, the prices currently witness a bull cycle within this pattern and a possible breakout from $0.947 should push the altcoin higher.
Key points:
- A broadening channel pattern govern the Polygon coin price
- A bullish breakout from $0.9477 will accelerate the bullish momentum for 8% jump
- The intrARy trading volume in the AR coin is $268.3 Billion, indicating a 667.5% gain.
Source- Tradingview
Meta, the Web2 giant, announced Polygon as its initial partner for upcoming non-fungible token tools, where you’ll be able to create and sell NFTs on social media platform Instagram. As a result, the MATIC witnessed a significant inflow and surged 10%. Currently the price trend sustains the uptrend starting from the last few weeks, accounting for a monthly growth of 26.5%.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
Comment your #NFT below 👇 pic.twitter.com/dvHau9n9Yu
— Meta (@Meta) November 2, 2022
Moreover, the increasing demand overwhelms the bullish influence over the EMAs, as the 50 and 100-day EMA gain spread after the recent crossover.
Also read: “I Will Not Rest”- Polygon (MATIC) Founder On zkEVM Controversy
Analyzing the daily price trend, a rising expanding channel is prominent, starting from the bottom level of $0.70. Taking multiple bounces from the support trendline, the strength of underlying bullishness overwhelms the price trend.
However, despite the bullish trend in action with positive news for the company, the price trend struggles to ride above the $0.947 resistance. Nonetheless, optimistic buyers can find the $0.947 breakout as an entry point.
In case the uptrend continues, the Polygon coin price will increase to reach the overhead trendline close to $1.027 mark, registering a 8% jump..
Conversely, if the supply pressure persists at $0.947 or resistance trend, a retracement to the support trendline is possible.
Technical Indicator
Relative Strength index: A negative divergence in the daily-RSI slope indicates weak bullish momentum. This divergence bolsters a possible correction in MATIC price.
EMAs: The sudden price jump in MATIC price breached the 20-and-200-day EMA, providing extra edge for long position traders.
Polygon Price Intraday Levels
- Spot rate: $0.95
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.947 and $1.02
- Support levels- $0.868 and $0.77
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
