Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024
Highlights
- A symmetrical triangle leads the major sideways trend in MATIC price.
- The demand pressure at $0.6 could spark a fresh recovery trend for Polygon.
- The intraday trading volume of the MATIC coin is $468.9 Million, showing a 51% loss.
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.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
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.
