Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024

Polygon Price: Along with the majority of major cryptocurrencies, the Polygon coin witnessed an aggressive downfall Amid the recent market sell-off. The correction initiated from the third week of March plunged the MATIC price 46% to currently trade at $0.69. The geopolitical issue in the Middle East and the pre-halving correction in Bitcoin continue to fuel selling pressure in the market. Do MATIC buyers have an opportunity to counterattack?

Also Read: BTC, TON, WIF Price Prediction 4/15: Top Crypto Coins to Watch in Bitcoin Halving Week

Will the Historical Support Trendline Trigger Another Rally?

The Polygon coin price has maintained a consistent sideways trajectory for over two years, oscillating within a narrowing channel of the symmetrical triangle pattern. The two converging trendlines act as dynamic resistance and support indicating an equilibrium, with neither buyers nor sellers gaining a definitive upper hand.

With an intraday loss of 3%, the MATIC price is heading to the pattern’s lower trendline at $0.58. Historical data shows that a rebound from the support trendline in June 2022 launched a 375% rally for the altcoin, while a reversal in October 2023 sparked a 153% surge.

Thus, the Polygon price is poised for significant demand in the $0.6-$0.58 range, setting the stage for another upward move. With the Bitcoin halving event approaching—an event that typically boosts the crypto market—MATIC is well-positioned for a bullish reversal.

If the demand holds strong at this critical support level, we could see buyers initiate a new bull cycle following the triangle pattern, potentially leading to a 70-75% increase to reach the upper trendline around $1.2.

However, it’s worth noting that the MATIC price will only receive a better opportunity to carry sustainable recovery if buyers break the triangle upper boundary.

Conversely, a breakdown below the bottom trendline will signal a major downtrend in the Polygon coin.

Also Read: Crypto Market Showing Recovery Signals, Will It Bounce Back?

Technical Indicator

• BB indicator: The downtick in the lower boundary of the Bollinger Band indicator highlights the sellers are the current dominating players in this asset
• Vortex Indicator: The widespread VI+- and VI- slope indicates no sign of bullish reversal yet.