Polygon Price Prediction Hints Rally to $1 as $MATIC Breaks 22-month Downtrend

Polygon Price Prediction: The MATIC price has initiated a notable recovery pivoting upwards from the crucial support level at $0.5 in late October. Within a span of three weeks, the coin value has witnessed an impressive 52% escalation, advancing to the current trading figure of $0.766. This upward trajectory breached a longstanding descending resistance trendline, offering buyers suitable support to sustain higher grounds. Could this indicate the onset of a bullish phase?

Also Read:  Robinhood CEO Bullish On Bitcoin ETF Amid European Expansion Plans

Trendline Breakout Hints Early Sign of Trend Reversal

• The 50 and 100 EMA nearing a bullish crossover could bolster the buying pressure in the market.
• The rising MATIC price may face strong supply pressure around the $0.9 mark
• The intraday trading volume of the MATIC coin is $503 Million, showing a 50% gain.

Source- Tradingview

On November 6th, the Polygon coin price gave a decisive break from a downsloping trendline, which carried a 22-month downtrend. Historical trends suggest that prior retests of this trendline typically trigger enhanced sell-offs, leading to notable market corrections. 

Consequently, the recent break could be interpreted as a preliminary sign of a shift in market dynamics. This bullish notion is further substantiated by the appearance of two successive green candles on the daily chart, signaling a robust follow-through and the market’s resolve to prolong the recovery trend. 

If the buying pressure persists, the MATIC price may rise 15% targeting the next key resistance zone at $0.09. As per the Fibonacci Retracement tool, the 23.6% level coincides with the aforementioned resistance, forming a significant barrier. 

However, the bearish scenario could regain dominance unless the price surpasses the 50% Fibonacci level, which stands at $0.157.

MATIC vs BTC Performance

Source: Coingape| Polygon Vs Bitcoin Price

The last 30 days’ projections indicate the Polygon coin price recovery has been outperforming the leading cryptocurrency, Bitcoin. While the BTC price is struggling to surpass the $36,000 mark, the MATIC price continues its bullish trajectory and is gaining higher ground. Thus, the aggressive players in the market can look at this asset to make fast trades.

• Average Directional Index: The ADX slope currently stands at 49%, suggesting that a minor pullback might be necessary to sustain the bullish momentum
• Exponential Moving Average: The MATIC price leap over the 200-day EMA indicates a turning tide in market sentiment, potentially in favor of the bulls.