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04/16/2024

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Polygon Price at 22-Month Support: Prime 2024 Dip Opportunity

MATIC's price is currently moving sideways, driven by a symmetrical triangle pattern. There's potential for a recovery, particularly with expected demand at $0.6. However, intraday trading volume for MATIC has dropped by 51% to $468.9 million.

Polygon Price at 22-Month Support: Prime 2024 Dip Opportunity

MATIC’s price is currently moving sideways, driven by a symmetrical triangle pattern. There’s potential for a recovery, particularly with expected demand at $0.6. However, intraday trading volume for MATIC has dropped by 51% to $468.9 million.

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Historical patterns suggest that Polygon’s price may face significant buying pressure at the $0.6 support level. Amid a recent market sell-off, Polygon, like many other major cryptocurrencies, experienced a sharp decline. Starting from the third week of March, the MATIC price dropped by 46%, currently trading at $0.69. The ongoing geopolitical tensions in the Middle East and the pre-halving correction in Bitcoin are contributing to selling pressure in the market. Despite these challenges, buyers of MATIC may find an opportunity to counteract the downward trend.

Polygon Price Outlook: Anticipating a Bullish Reversal

The price of Polygon coin has remained relatively stable over the past two years, following a consistent sideways trajectory. It has been oscillating within a narrowing channel formed by the symmetrical triangle pattern. This pattern features two converging trendlines, which serve as dynamic resistance and support levels, suggesting an equilibrium in the market where neither buyers nor sellers have a clear advantage.

Despite this stability, MATIC price has experienced a 3% intraday loss, bringing it closer to the pattern’s lower trendline at $0.58. Historical data indicates that rebounds from this support trendline in June 2022 and October 2023 led to significant rallies for the altcoin, with gains of 375% and 153% respectively.

Given these historical precedents, the Polygon price is expected to encounter significant demand in the $0.6-$0.58 range, potentially setting the stage for another upward move. Furthermore, with the Bitcoin halving event on the horizon—a development known to bolster the crypto market—MATIC is well-positioned for a bullish reversal in the near future.

Potential Scenarios for MATIC Price Movement

If demand remains robust at the critical support level, buyers may trigger a new bull cycle following the triangle pattern. This could lead to a substantial increase of 70-75%, aiming to reach the upper trendline at approximately $1.2.

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However, sustainable recovery for MATIC price will largely depend on buyers successfully breaking the upper boundary of the triangle pattern. Without this breakthrough, the potential for a sustained upward trend may be limited.

On the other hand, a breakdown below the bottom trendline would indicate a significant downtrend in the Polygon coin, suggesting further price declines in the near term.

Technical Indicators Analysis

  • BB Indicator: The downtick in the lower boundary of the Bollinger Band indicator indicates that sellers currently dominate the market for this asset.
  • Vortex Indicator: The widespread slope of both VI+ and VI- suggests no signs of a bullish reversal yet, indicating continued bearish sentiment.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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