2024

Impact

when

Vortex

Polygon

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 MATIC, the native cryptocurrency of Layer 2 solution polygon has managed to regain the $1 psychological level amid the current market recovery. Within a week, the coin price surged from $0.92 to $1.067 registering a growth of 16.68%. With the bullish momentum intact, the <a href="https://coingape.com/price/polygon/">polygon price</a> is nearing a bullish breakout from the key resistance of $1.09. Should you enter this breakout? 
 Also Read: <a href="https://coingape.com/markets/crypto-market-analysis-2-28-bitcoin-60000-eth-pepe-gala/">Crypto Market Analysis 2/28 As Bitcoin Peaks Near $60,000</a> 
 <h2 id="b-is-polygon-price-ready-to-sustain-above-1-b">Is Polygon Price Ready To Sustain Above $1</h2> 
 <figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/c/CTyWzLyi.png" alt="BINANCE:MATICUSDT Chart" width="1815" height="792">
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 Polygon Price| Tradingview
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 </figure> 
 The <a href="https://coingape.com/markets/matic-price-forecast-polygon-skyrockets-past-1-as-bulls-eye-2-92-historic-peak/">Polygon coin</a> reverted from its last correction trend in late January when the price rebounded from the $0.71 support. A V-shaped recovery backed by increasing volume projected sustainable growth and surged price by 46% to trade at $1. 
 In the same period, Polygon Futures Open Interest witnessed a significant increase of 117%, escalating from $202.1 million to $438.68 million. Growth in this metric highlights increasing adoption of the network and interest for market participants toward the asset. 
 <figure id="attachment_183164" aria-describedby="caption-attachment-183164" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-183164" src="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-29_00-11-09-e1709146019318.png" alt="MATIC Futures Open Interest (USD)" width="1200" height="349">
 <figcaption id="caption-attachment-183164" class="wp-caption-text">
 MATIC Futures Open Interest| Tradingview
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 </figure> 
 This fundamental growth coinciding with the broader market recovery sets the MATIC price for higher recovery. An analysis of the daily chart shows a symmetrical triangle pattern that carries a sideways trend in this altcoin for nearly two years. 
 Under the influence of this pattern, the <a href="https://coingape.com/price/polygon/">Polygon price</a> should lead the current recovery to the overhead resistance trendline, indicating a growth potential of 25%. 
 However, a breakout above the triangle pattern will signal a better confirmation of recovery. 
 Also Read: <a href="https://coingape.com/house-republicans-pro-crypto-bill-gets-major-push-institutional-adoption-to-soar/">House Republican’s Pro-Crypto Bill Gets Major Push, Institutional Adoption To Soar?</a> 
 <h2 id="strong-whale-moves-13-6m-in-matic-to-binance-will-its-impact-recovery-strong">Whale Moves $13.6M in MATIC to Binance, Will its Impact Recovery?</h2> 
 Whale Alert, a cryptocurrency transaction tracking service, reported a significant transfer of 13,094,113 <a href="https://coingape.com/coinbase-unveils-asset-recovery-for-bnb-and-polygon-networks/">MATIC</a>, valued at approximately $13.6 Million, from an unidentified wallet to Binance. This notable transaction could impact MATIC’s market dynamics, as large movements to exchanges often precede selling pressure or strategic positioning by major holders. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 13,094,113 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a> (13,691,692 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a><a href="https://t.co/iMv85xMTGe">https://t.co/iMv85xMTGe</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1762406764882858061?ref_src=twsrc%5Etfw">February 27, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 Thus, if the supply pressure persists at the overhead trendline, the polygon coins could prolong the sideways 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/">EMA</a> will offer trades at suitable support to maintain the recovery trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: A bullish crossover between the VI+ and VI- hints the buyers are the dominant force in this asset.</li> 
 </ul> 
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The post <a href="https://coingape.com/markets/heres-why-polygon-price-is-poised-for-25-surge/">Here’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why Polygon Price (MATIC) Is Poised For 25% Surge Ahead

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