2024

Bitcoin

Vortex

Polygon

Polygon Price: Along with the majority of major cryptocurrencies, the Polygon coin witnessed an aggressive downfall Amid the recent market sell-off. The correction initiated from the third week of March plunged the MATIC price 46% to currently trade at $0.69. The <a href="https://coingape.com/michael-saylor-foresees-geopolitical-clash-as-a-boost-to-bitcoin/" rel="noopener noreferrer nofollow">geopolitical issue</a> in the Middle East and the pre-halving correction in <a href="https://coingape.com/top-analyst-warns-3b-short-liquidation-if-bitcoin-price-hits-this-level/" rel="noopener noreferrer nofollow">Bitcoin</a> continue to fuel selling pressure in the market. Do MATIC buyers have an opportunity to counterattack?
Also Read: <a href="https://coingape.com/markets/btc-ton-wif-price-prediction-4-15-crypto-coins-bitcoin-halving/" rel="noopener noreferrer nofollow">BTC, TON, WIF Price Prediction 4/15: Top Crypto Coins to Watch in Bitcoin Halving Week</a>
<h2 id="b-will-the-historical-support-trendline-trigger-another-rally-b">Will the Historical Support Trendline Trigger Another Rally?</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/a/AluWNKfN.png" alt="BINANCE:MATICUSDT Chart Image by sahilmahadik07">
The <a href="https://coingape.com/polygon-co-founder-makes-case-against-ethereum-verkle-trees/" rel="noopener noreferrer nofollow">Polygon</a> coin price has maintained a consistent sideways trajectory for over two years, oscillating within a narrowing channel of the symmetrical triangle pattern. The two converging trendlines act as dynamic resistance and support indicating an equilibrium, with neither buyers nor sellers gaining a definitive upper hand.
<blockquote>
 With an intraday loss of 3%, the <a href="https://coingape.com/sponsored/bdags-performance-unmatched-kaspa-polygon-matic-prediction/" rel="noopener noreferrer nofollow">MATIC price</a> is heading to the pattern’s lower trendline at $0.58. Historical data shows that a rebound from the support trendline in June 2022 launched a 375% rally for the altcoin, while a reversal in October 2023 sparked a 153% surge.
</blockquote>
Thus, the <a href="https://coingape.com/polygon-matic-price-prediction/" rel="noopener noreferrer nofollow">Polygon price</a> is poised for significant demand in the $0.6-$0.58 range, setting the stage for another upward move. With the Bitcoin halving event approaching—an event that typically boosts the crypto market—MATIC is well-positioned for a bullish reversal.
If the demand holds strong at this critical support level, we could see buyers initiate a new bull cycle following the triangle pattern, potentially leading to a 70-75% increase to reach the upper trendline around $1.2.
However, it’s worth noting that the MATIC price will only receive a better opportunity to carry sustainable recovery if buyers break the triangle upper boundary.
Conversely, a breakdown below the bottom trendline will signal a major downtrend in the Polygon coin.
Also Read: <a href="https://coingape.com/crypto-market-showing-recovery-signals-will-it-bounce-back/" rel="noopener noreferrer nofollow">Crypto Market Showing Recovery Signals, Will It Bounce Back?</a>
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">BB indicator: The downtick in the lower boundary of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator highlights the sellers are the current dominating players in this asset</li>
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: The widespread VI+- and VI- slope indicates no sign of bullish reversal yet.</li>
</ul>
The post <a href="https://coingape.com/markets/polygon-price-fall-to-22-month-support-best-dip-of-2024/" rel="noopener noreferrer nofollow">Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024

Съдържание

Coingape News Media

Други статии, публикувани на 15.04.2024 г.

XRP fails to test 6-year pattern, ‘overvalued’ concerns rise: More decline?

Google Integrates AI to Enhance User Experience with Redo Button in Chrome

Wormhole, Jupiter enthusiasts drawn to Kelexo P2P lending platform

Elite Analyst Shares Weekly Token Watchlist: Dogecoin (DOGE), Injective (INJ) and Other Cryptos i...

NFT 101: The Comprehensive Guide to Runestone & Runes Protocol

AI Tokens Surge in Popularity and Value

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!