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Polygon

Polygon Price Prediction: <a href="https://coingape.com/polygon-labs-plans-partnership-to-develop-less-invasive-identity-verification/" rel="noopener noreferrer nofollow">MATIC</a>, the native token of layer 2 Solution Polygon showcases strong resilience to the current market uncertainty and reclaimed the key psychological level of $1. This asset has been witnessing an aggressive rally for the past nearly a month and breached the critical resistance of $0.9458 this week. The new breakout should bolster buyers for higher recovery however, the waning bullish momentum in BTC may cause significant hurdles.
Also Read: <a href="https://coingape.com/bitcoin-news-addresses-holding-25-bln-btc-incur-losses-major-selloff-ahead/" rel="noopener noreferrer nofollow">New Bitcoin Addresses Holding $25 Bln BTC Incur Losses, Major Selloff Ahead?</a> 
<h2 id="b-here-s-why-matic-price-may-surge-30-b">Here’s Why MATIC Price May Surge 30%</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">A symmetrical triangle pattern leads to a long-term sideways trend in MATIC.</li>
 <li style="font-weight: 400;" aria-level="1">The rising coin price will face overhead supply at $1.09 and $1.3</li>
 <li style="font-weight: 400;" aria-level="1">The $0.5 psychological level stands as a strong support zone for crypto buyers</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume of the MATIC coin is $275.9 Million, showing a 9.56% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/x/XFDHleB1.png" alt="BINANCE:MATICUSDT Chart" width="1815" height="836">
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 Polygon Price| Tradinview
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The MATIC coin entered an active recovery trendline in late January when the price rebounded from $0.722. The positive turnaround showcased a V-shaped recovery often indicated as a sign of the aggressive hand of buyers.
Within a month, the <a href="https://coingape.com/price/polygon/" rel="noopener noreferrer nofollow">Polygon price</a> surged nearly 40% to reach the recovery trading price of $1.01. Amid this rally, the buyers have recently pierced through combined resistance of $0.945 and the 61.8% Fibonacci retracement level of the last correction.
<blockquote>
 This resistance turning to support is the next key foothold for buyers to prolong the recovery trendline. However, the MATIC buyers must hold this flipped support while enduring the selling pressure from the leading cryptocurrency Bitcoin.
</blockquote>
The renowned trader analyst Ali from @ali_charts reported a substantial move in the <a href="https://coingape.com/bitcoin-community-gives-a-cold-shoulder-digital-euro-initiative/" rel="noopener noreferrer nofollow">Bitcoin</a> market, with whales selling over 30,000 BTC, totaling around $1.56 billion, within just 48 hours. This notable activity may indicate a shift in sentiment among significant investors and could impact BTC’s near-term move.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have sold over 30,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> in the last 48 hours, amounting to $1.56 billion! <a href="https://t.co/tJa9FnhhOP" rel="noopener noreferrer nofollow">pic.twitter.com/tJa9FnhhOP</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1760007398889021704?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 20, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Thus, the Polygon price sustainability above the $0.945 support is needed to propel a rally of 30% to hit $1.3.
Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-drops-below-52k-xrp-ada-gain-as-pepe-dips/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin Drops Below 52K, XRP &amp; ADA Gain As PEPE Dips</a>
<h2 id="strong-is-polygon-price-ready-for-uptrend-strong">Is Polygon Price Ready For Uptrend?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/k/Kt7HpAzv.png" alt="BINANCE:MATICUSDT Chart " width="1815" height="836">
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 Polygon Price Prediction| Tradingview
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</figure>
While current market momentum showcases a positive outcome for the Polygon coin, an analysis of a longer time frame chart shows an alternate possibility. A potential rally to the $1.3 will also challenge the neckline resistance of the symmetrical triangle pattern. This chart pattern has been active for nearly two years and a breakout above its resistance is needed to trigger a bullish trend.
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> is providing buyers with dynamic support to maintain sustainable growth.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope uptick at 24% reflects the buyers have sufficient momentum to extend the current recovery.</li>
</ul>
Related Articles: <a href="https://coingape.com/top-analyst-expects-40-bitcoin-price-correction-before-rally-to-150k-heres-why/" rel="noopener noreferrer nofollow">Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why.</a>
The post <a href="https://coingape.com/markets/polygon-price-prediction-as-high-rally-1-whats-next/" rel="noopener noreferrer nofollow">Polygon Price Prediction As High Momentum Rally Reclaims $1; What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Polygon Price Prediction As High Momentum Rally Reclaims $1; What’s Next?

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