Polygon

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/matic-price-analysis-as-polygon-takes-off-buyers-eye-25-hike/">MATIC Price Analysis: As Polygon Takes Off Buyers Eye 25% Hike!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
With a long-term correction in 2023 following the early gains, the MATIC price action finally regains bullish momentum with the overall market recovery. Moreover, the Google Cloud staking of 10,000 MATIC boosts the positive sentiment around Polygon.&nbsp; 
The bullish turnaround in MATIC price brings a breakout rally in the daily chart and aims to recover more level with this uptrend. With the Uptober rally driving altcoins higher, the<a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" rel="noopener noreferrer nofollow"> MATIC price predictions </a>for the coming times are higher than before.&nbsp; 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="487" src="https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-1024x487.png" alt="" class="wp-image-234127" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-1024x487.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-768x365.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-1536x730.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/02130730/MATICUSD_2023-10-02_12-12-18.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
Finding crucial bullish support at $0.49, the MATIC price action finds a cushion and a launch pad to shift into the bullish gear. The double bottom reversal from this support level cracks down the long-coming resistance trendline.&nbsp; 
This crackdown not only ends the long streak of lower high formations but also gives a falling wedge breakout entry point for sideline buyers. The uptrend continues with consecutive bullish candles for four days, accounting for a 13% jump. 
Currently, the MATIC price is trading at $0.5618&nbsp; with an intraday fall of 1.13%, leading to a pullback candle. The sudden pitstop in the uptrend comes as the Polygon price faces opposition at the $0.5911 resistance level, leading to a higher price rejection.&nbsp; 
Moreover, the supply pressure at the 50-day EMA remains strong as ever and opposes further recovery.&nbsp; 
Technical indicators: 
MACD indicator: The MACD line spikes higher, taking a bullish route to the zero line as the positive histograms rise.&nbsp; 
RSI indicator: The daily RSI line spikes higher and closer to the overbought boundary with the help of a recent bullish divergence.&nbsp; 
Therefore, the momentum indicators are signaling a stronger bullish side.&nbsp; 
<h2 class="wp-block-heading" id="h-will-matic-price-reach-the-200-day-ema">Will MATIC Price Reach The 200-Day EMA?</h2> 
With the ongoing uptrend, the MATIC price seems on a roll to recover the lost level and jump higher into the gainer’s list. However, the buyers must prioritize reclaiming the 50-day EMA to continue the bullish trajectory. Considering the uptrend recovers the $0.5911 level, the Polygon price can jump higher to the $0.7150 mark, close to the 200-day EMA.&nbsp;&nbsp; 
Conversely, a reversal from the 50-day EMA will plunge the altcoin price lower to retest $0.52 or $0.50.

MATIC Price Analysis: As Polygon Takes Off Buyers Eye 25% Hike!

Table of Contents

CoinPedia News

Other articles published on Oct 2, 2023

TYRION Advances Decentralized Advertising with Strategic Move to Coinbase's Base Chain

GSR Approved Major Payment Institution Licence in Singapore!

The Rise of ‘AI Anxiety’ and How to Manage It

NITDA’s weird accelerator

Accenture Plc (NYSE: ACN) Price: Gains Fade Amid Weak Q4 Earnings

ELI5:50 Explaining crypto liquidations – The world of spot and futures crypto purchases

Join our free newsletter for daily crypto updates!