Convergence

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Polygon

<img width="1260" height="630" src="https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic-.jpg" class="attachment-full size-full wp-post-image" alt="Polygon Price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic-.jpg 1260w, https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic--300x150.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic--1224x612.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic--768x384.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/le-prix-du-polygon-matic--150x75.jpg 150w" sizes="(max-width: 1260px) 100vw, 1260px">
Polygon price stands out as a strong recovery contender following the recent volatility in the crypto market. In addition to temporarily killing the rally, the weekend sell-off pulled MATIC 18% down, reaching its current value of $1.06 from $1.28. On the bright side, prices appear to have stabilized, allowing traders to buy the dip thus creating momentum for the next upswing. MATIC’s price is now positioned at a critical juncture of key support levels, presenting a pivotal moment for Polygon’s investors. 
<h2 id="b-will-1-support-prevent-a-slide-to-lower-levels-b">Will $1 Support Prevent a Slide to Lower Levels?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/8/8uavkElB.png" alt="BINANCE:MATICUSDT Chart " width="1815" height="836">
 <figcaption class="wp-caption-text">
 Polygon Price| Tradingview
 </figcaption>
</figure> 
Over the past two months, the <a href="https://coingape.com/xrp-matic-sol-options-goes-live-on-deribit-here-are-pre-bitcoin-halving-target-price/">Polygon coin</a> witnessed a steady recovery trend under the influence of the rising support trendline. This dynamic support has lifted the altcoin value by 86% as the price rebounded from $0.69 to a yearly high of $1.29. 
However, amid the current correction trend in the market, the MATIC price reverted to $1.05 wavering above the aforementioned trendline and 38.2% Fibonacci retracement level.&nbsp; Moreover, the renowned crypto trader @ali_charts points accentuates the range from $1.02 to $1.05 as a crucial support zone, backed by 10,900 addresses holding 608 million MATIC. 
This data point underscores significant collective confidence in the value of Polygon at this price range, suggesting a potential stabilizing effect on market price dips. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a>. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a>. <a href="https://t.co/rLn4ymcQf7">pic.twitter.com/rLn4ymcQf7</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1769135468208119809?ref_src=twsrc%5Etfw">March 16, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The current positioning of the Polygon Price suggests a strong possibility for a bullish reversal that could energize buyers, potentially leading to a 25% increase. This surge would aim to test and possibly surpass the upper resistance of triangle pattern formation. This chart pattern has been leading a sideways trend for the past two years, and a breakout would signal a major trend shift in MATIC coin. 
<h2 id="span-style-font-weight-400-how-will-polygon-price-navigate-if-1-support-breaks-span">How Will Polygon Price Navigate If $1 Support Breaks?</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/j/jnvyL1vA.png" alt="BINANCE:MATICUSDT Chart Image by sahilmahadik07">If the current market correction persists, the MATIC price may tease a breakdown below the support trendline at $1.02. If this support breaks, a secondary demand zone at $0.91 with 35,700 addresses holding 394.6 million MATIC could come into play, indicating strong holder confidence at these levels. 
Consider a pessimistic scenario, the sellers may prolong the correction to the triangle’s lower support trendline at $0.6. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: An upswing in the lower boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> acts as an additional support level to maintain this recovery trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bearish crossover state between MACD and the signal highlights no sign of reversal and therefore the risk-averse traders may wait for bullish candle formation before entry.</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-polygon-price-soar-to-1-3-multiple-support-sets-stage-for-fresh-recovery/">Is Polygon Price Ready For $1.3 Bulls Set Stage For Recovery?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is Polygon Price Ready For $1.3 Bulls Set Stage For Recovery?

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