2024

Impact

when

Vortex

Polygon

<div class="&quot;frame-root&quot;"> 
 <div class="&quot;frame-root&quot;"> 
 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">
 <figcaption class="wp-caption-text">
 Polygon Price| Tradingview
 </figcaption>
 </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
 </figcaption>
 </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> 
 </div> 
</div> 
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

목차

Coingape News Media

2024년 2월 28일에 게재된 다른 기사

Bitcoin Surges Past $60,000 Mark

First Bitcoin Blockchain ICO Rockets Past $5M Milestone

BNB and Filecoin post gains; Borroe Finance draws attention with innovative DeFi solutions

Rise in Chainlink’s Value Following Major Integration Announcements

FINSCHIA (FNSA) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

DWF Labs Launches New Blockchain Platform for Enhanced Market Accessibility

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!