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Polygon

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16.png" class="attachment-full size-full wp-post-image" alt="Polygon price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16.png 2710w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Altcoin volatility has gone up significantly, calling on traders to be careful with both scalping and day trading activities. Polygon (MATIC) price is among the tokens showing high volatility on Tuesday, up 8% to trade at $0.9358. 
Backing the uptrend is a massive increase in the 24-hour trading volume to $1.25 billion and a 7.34% surge in the market cap to $8.6 billion. 
In addition to increasing investor interest, especially among whales, the technical outlook has been bullish since October 20. It is plausible for&nbsp;<a href="https://coingape.com/price/polygon/">Polygon price</a>&nbsp;to close the day above $1 and even push to the falling wedge pattern breakout target at $1.25. 
Recommended for you:&nbsp;<a href="https://coingape.com/crypto-prices-today-btc-rpl-soar-while-pepe-coin-remains-flat/?utm_source=24hrsupdatealtcoin">Crypto Prices Today: BTC &amp; RPL Soar, While Pepe Coin Remains Flat</a> 
<h2 class="p1" id="whales-scoop-matic-bolstering-polygon-price-rally">Whales Scoop MATIC Bolstering Polygon Price Rally</h2> 
Institutional and whale demand for the layer 2 solutions protocol token appears to be back, according to blockchain analytics platform IntoTheBlock. Select assets like&nbsp;<a href="https://coingape.com/matic-price-hits-4-month-high-above-0-80-amid-polygon-whale-accumulation/?utm_source=24hrsupdatealtcoin">Polygon</a>&nbsp;are seeing more than 170% in on-chain transaction volume. 
“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock said via a post on X. 
As big players stream into the market, they help build the momentum to sustain the uptrend. This could be one of the reasons for keeping MATIC price in the green even as other tokens around it trim gains. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. <a href="https://t.co/ElM1CDZ3wA">pic.twitter.com/ElM1CDZ3wA</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1723356172760043606?ref_src=twsrc%5Etfw">November 11, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Meanwhile, Polygon price is in the middle of a falling wedge pattern breakout which could push the uptrend to $1.25. As shown on the chart, a falling wedge forms toward the of a downtrend. 
It signifies a loose bearish grip while signalling the possibility of a trend change. Traders usually time their long entries above the upper descending trendline resistance. 
For the breakout to be impactful, it must be accompanied by a substantial increase in trading volume like in MATIC’s case. 
<figure id="attachment_164432" aria-describedby="caption-attachment-164432" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16.png"><img decoding="async" class="size-full wp-image-164432" src="https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16.png" alt="Polygon price prediction chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16.png 2710w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/MATICUSD_2023-11-14_16-27-16-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-164432" class="wp-caption-text">
 Polygon price prediction chart | Tradiingview
 </figcaption>
</figure> 
Traders would usually follow the breakout through to the target, in this case, 109% from the breakout point to $1.25. However, it is prudent to lock in the gains at various levels, especially at the key resistance area like $1. 
That said those interested in keeping their positions open may continue doing so as long as the Moving Average Convergence Divergence (MACD) dons a buy signal. In addition to the call to traders to&nbsp;<a href="https://coingape.com/matic-price-shoots-another-9-as-polygon-enters-new-macro-uptrend/">seek more exposure to MATIC</a>, the momentum indicator’s position at 0.019 depicts a bullish thesis. 
The bullish cross formed on the same daily chart by the 50-day Exponential Moving Average (EMA) (red) crossing above the long-term 100-day EMA (blue) further reinforced the bulls’ presence in the market. 
A higher support at $0.9 would also encourage holders to stay put amid the outlook for gains above $1.25. On the other side of the fence, losing the same level of support might result in losses as Polygon price seeks support ahead of the next breakout. 
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The post <a rel="nofollow" href="https://coingape.com/markets/polygon-price-booms-30-in-a-week-unbothered-by-bitcoins-pullback-can-matic-hit-1-25/">Polygon Price Booms 30% In A Week Unbothered By Bitcoin’s Pullback, Can MATIC Hit $1.25?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Polygon Price Booms 30% In A Week Unbothered By Bitcoin’s Pullback, Can MATIC Hit $1.25?

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