Polygon

The post <a href="https://coinpedia.org/price-analysis/polygon-price-surges-following-whale-buying-matic-price-eyes-for-1-before-2024/" rel="noopener noreferrer nofollow">Polygon Price Surges Following Whale Buying! MATIC Price Eyes For $1 Before 2024?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
After trading under a bearish influence for over a week, the Polygon’s MATIC token has successfully regained momentum and has recorded a significant jump in its value. Further, MATIC price has added over 7% within the past day, indicating an increasing bullish influence in the crypto space.
The Polygon’s <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" rel="noopener noreferrer nofollow">MATIC price</a> displayed a neutral trend following the market pump in November as the token traded in a closed range between $0.7572 and $0.7904 for over a week.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/HLMQvOelDz8SMrf-LWd1PNJ2QMX871lzLA69XpTWLcJ9uwq7-ES0QGRNIi62EelY-iAilo9JqQvvs_2ZsO7JpGPFECcsixXqCQ1fJmTBaWTmbk08y0LE7P66qzZ_e3WOzQ-DjNAThtM8IaH-e0ekbhE" alt="Polygon Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: MATIC/USDT
 </figcaption>
</figure>
After this, the price lost momentum and recorded a drop, but the bulls held the price strong above the support level of $0.7281, resulting in a bounce back in the chart.
Further, the bulls jumped over 13% before it faced rejection at $0.8271, following which it traded sideways for a while. As the market regained momentum, the MATIC token recorded a jump of 14%.
However, the bulls failed to hold power and faced rejection at $0.9458. Following this, the price lost momentum, started trading under a bearish influence, and recorded a correction of approximately 20% over a week.
After multiple failed attempts to break down, the bulls regained power and jumped over 14% within the past two days. Positively, the Cross EMA 50/200 Day displays a bullish curve in the chart, suggesting a trend reversal in the price action.
<h2 class="wp-block-heading" id="h-will-matic-price-increase">Will MATIC Price Increase?</h2>
The Relative Strength Index (RSI) displays a sharp jump in the chart, indicating an increase in the buying pressure in the market. Moreover, the averages show a rising trend, suggesting the price will continue to record significant price action in the coming days.
If the bulls hold the price above the support level of $0.8271, the MATIC price will regain momentum and prepare to test its resistance level of $0.8678 over the weekend. Moreover, if the market maintains the price at that level, the Polygon token will prepare to test its upper resistance level of $0.90 this month.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.8271. Further, if a trend reversal occurs, the price will plunge and prepare to test its lower support level of $0.7904 in the coming time.

Polygon Price Surges Following Whale Buying! MATIC Price Eyes For $1 Before 2024?

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