Convergence

Rally

Reddit

Polygon

Coin

<img width="1365" height="800" src="https://coingape.com/wp-content/uploads/2024/02/matic-price.jpeg" class="attachment-full size-full wp-post-image" alt="matic-price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/matic-price.jpeg 1365w, https://coingape.com/wp-content/uploads/2024/02/matic-price-300x176.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/matic-price-1224x717.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/matic-price-768x450.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/matic-price-150x88.jpeg 150w" sizes="(max-width: 1365px) 100vw, 1365px">
Amid the current market uncertainty, the <a href="https://coingape.com/price/polygon/">Polygon coin price</a> showed notable resilience above the $4.945 mark. This altcoin currently trades at $0.992 and shows lower price rejection at this support reflecting the buyer’s accumulation. As the price has surged above 50% of the last correction phase, the buyers stay the dominant force in this asset, increasing the likelihood of a bullish trend. 
Also Read: <a href="https://coingape.com/polygon-matic-price-jumps-6-after-reddit-said-its-dabbling-with-the-altcoin/">Polygon (MATIC) Price Jumps 6% After Reddit Said Its Dabbling With the Altcoin</a> 
<h2 id="b-can-polygon-price-sustain-above-1-b">Can Polygon Price Sustain above $1?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/g0vpYIsS.png" alt="BINANCE:MATICUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Polygon Coin Price
 </figcaption>
</figure> 
For over a month, the Polygon coin has witnessed steady growth with the price rebounded from $0.718 to $0.9995, registering a 40% gain. This V-shaped rally aligned with the increased volume reflects an aggressive rally and the buyers having an upper hand. 
On February 18th, the coin price breached a key resistance of $0.948, providing buyers the next footstep for the higher rally. However, with the leading cryptocurrency Bitcoin moving sideways, the altcoin market has witnessed waning bullish momentum including Polygon coin. 
The daily candle with a long rejection candle at this support indicates the buyers are experiencing renewed buying pressure. A potential upsurge from this level will push the <a href="https://coingape.com/matic-price-tanks-8-5-as-polygon-conducts-last-token-unlock/">MATIC</a> price by 10% to challenge the last swing resistance of $1.1. 
<blockquote>
 An analysis of the daily time frame chart shows the current upswing is part of a long-coming chart pattern called a symmetrical triangle. This pattern intact for the past 2 years has a strong influence on the polygon’s near future.
</blockquote> 
Under the influence of this pattern, the $1.1 breakout will surge the price another 20% to hit the downsloping resistance trendline. If history is an indicator, the <a href="https://coingape.com/press-releases/polygon-matci-whale-diversify-their-holdings-with-innovative-a-i-trading-technology/">MATIC</a> price is likely to face intense supply pressure at this barrier which may promote the continuation of the sideways trend. 
Also Read: <a href="https://coingape.com/press-releases/polygon-matci-whale-diversify-their-holdings-with-innovative-a-i-trading-technology/">Polygon (MATIC) Whale Diversify Their Holdings With Innovative A.I Trading Technology</a> 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The slow-moving 200-day EMA reflects the broader trend is sideways</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: &nbsp;A bullish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line reflects a short trend trend is a bullish.</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-polygon-coin-price-is-set-for-35-rally/">Here’s Why Polygon Coin Price Is Set For 35% Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why Polygon Coin Price Is Set For 35% Rally

Table of Contents

Coingape News Media

Other articles published on Feb 23, 2024

BNB Climbs to New Heights While Bitcoin Stumbles

TRON Network Gains Spotlight with Surging Revenue and Strategic Moves

Revolutionizing Smart Contract Development with Accessibility and Security

AI Revolutionizes Marketing and Advertising: Insights from AI Connect Event

Prosecutors request Changpeng Zhao surrender all passports ahead of sentencing

Siacoin Price Prediction 2024 – Is $SC Worth Buying, or Is $SMOG the Best Alternative?

Join our free newsletter for daily crypto updates!