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Highlights
- An ascending trendline drives the current recovery trendline in MATIC price.
- A confluence of multiple support levels at $1.05-$1.02 indicates a demand zone for buyers.
- The intraday trading volume of the MATIC coin is $458 Million, showing a 14% loss.
Polygon price stands out as a strong recovery contender following the recent volatility in the crypto market. In addition to temporarily killing the rally, the weekend sell-off pulled MATIC 18% down, reaching its current value of $1.06 from $1.28. On the bright side, prices appear to have stabilized, allowing traders to buy the dip thus creating momentum for the next upswing. MATIC’s price is now positioned at a critical juncture of key support levels, presenting a pivotal moment for Polygon’s investors.
Will $1 Support Prevent a Slide to Lower Levels?
Over the past two months, the Polygon coin witnessed a steady recovery trend under the influence of the rising support trendline. This dynamic support has lifted the altcoin value by 86% as the price rebounded from $0.69 to a yearly high of $1.29.
However, amid the current correction trend in the market, the MATIC price reverted to $1.05 wavering above the aforementioned trendline and 38.2% Fibonacci retracement level. Moreover, the renowned crypto trader @ali_charts points accentuates the range from $1.02 to $1.05 as a crucial support zone, backed by 10,900 addresses holding 608 million MATIC.
This data point underscores significant collective confidence in the value of Polygon at this price range, suggesting a potential stabilizing effect on market price dips.
#Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7
— Ali (@ali_charts) March 16, 2024
The current positioning of the Polygon Price suggests a strong possibility for a bullish reversal that could energize buyers, potentially leading to a 25% increase. This surge would aim to test and possibly surpass the upper resistance of triangle pattern formation. This chart pattern has been leading a sideways trend for the past two years, and a breakout would signal a major trend shift in MATIC coin.
How Will Polygon Price Navigate If $1 Support Breaks?
If the current market correction persists, the MATIC price may tease a breakdown below the support trendline at $1.02. If this support breaks, a secondary demand zone at $0.91 with 35,700 addresses holding 394.6 million MATIC could come into play, indicating strong holder confidence at these levels.
Consider a pessimistic scenario, the sellers may prolong the correction to the triangle’s lower support trendline at $0.6.
- BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator acts as an additional support level to maintain this recovery trend.
- Moving Average Convergence Divergence: A bearish crossover state between MACD and the signal highlights no sign of reversal and therefore the risk-averse traders may wait for bullish candle formation before entry.
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