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Polygon Price Prediction: MATIC, the native token of layer 2 Solution Polygon showcases strong resilience to the current market uncertainty and reclaimed the key psychological level of $1. This asset has been witnessing an aggressive rally for the past nearly a month and breached the critical resistance of $0.9458 this week. The new breakout should bolster buyers for higher recovery however, the waning bullish momentum in BTC may cause significant hurdles.
Also Read: New Bitcoin Addresses Holding $25 Bln BTC Incur Losses, Major Selloff Ahead?
Here’s Why MATIC Price May Surge 30%
- A symmetrical triangle pattern leads to a long-term sideways trend in MATIC.
- The rising coin price will face overhead supply at $1.09 and $1.3
- The $0.5 psychological level stands as a strong support zone for crypto buyers
- The intraday trading volume of the MATIC coin is $275.9 Million, showing a 9.56% gain.
The MATIC coin entered an active recovery trendline in late January when the price rebounded from $0.722. The positive turnaround showcased a V-shaped recovery often indicated as a sign of the aggressive hand of buyers.
Within a month, the Polygon price surged nearly 40% to reach the recovery trading price of $1.01. Amid this rally, the buyers have recently pierced through combined resistance of $0.945 and the 61.8% Fibonacci retracement level of the last correction.
This resistance turning to support is the next key foothold for buyers to prolong the recovery trendline. However, the MATIC buyers must hold this flipped support while enduring the selling pressure from the leading cryptocurrency Bitcoin.
The renowned trader analyst Ali from @ali_charts reported a substantial move in the Bitcoin market, with whales selling over 30,000 BTC, totaling around $1.56 billion, within just 48 hours. This notable activity may indicate a shift in sentiment among significant investors and could impact BTC’s near-term move.
#Bitcoin whales have sold over 30,000 $BTC in the last 48 hours, amounting to $1.56 billion! pic.twitter.com/tJa9FnhhOP
— Ali (@ali_charts) February 20, 2024
Thus, the Polygon price sustainability above the $0.945 support is needed to propel a rally of 30% to hit $1.3.
Also Read: Crypto Prices Today: Bitcoin Drops Below 52K, XRP & ADA Gain As PEPE Dips
Is Polygon Price Ready For Uptrend?
While current market momentum showcases a positive outcome for the Polygon coin, an analysis of a longer time frame chart shows an alternate possibility. A potential rally to the $1.3 will also challenge the neckline resistance of the symmetrical triangle pattern. This chart pattern has been active for nearly two years and a breakout above its resistance is needed to trigger a bullish trend.
- Exponential Moving Average: The fast-moving 20-day EMA is providing buyers with dynamic support to maintain sustainable growth.
- Average Directional Index: The ADX slope uptick at 24% reflects the buyers have sufficient momentum to extend the current recovery.
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