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?

목차

CoinPedia News

2023년 12월 22일에 게재된 다른 기사

4 Strategies to Maximize the Potential of Your Crypto Assets

Expert reveals key reasons behind Ripple’s (XRP) decline since 2017

Outer Ring MMO integrates GQ into its game

Solana drops update for SAGA mobile, BONK to rally?

VeChain Price Rose 60% in Dec and Surpassed YTD High; What Next?

JUST IN: Coinbase Announces It Will Delist One More Altcoin From Its Platform

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!