Polygon (MATIC) Price Hints A Bullish Reversal?

The burgeoning crypto market has recorded a stable price action after trading under a depressing sentiment for over a week, giving its investors a welcomed sign of relief.

The cryptocurrency market has displayed a consolidated price trend following a prolonged period of bearish sentiment. While this provides some respite for investors, the altcoin sector continues to exhibit a lackluster performance. Among the altcoins, Ethereum price has faced challenges in breaking past the $3.4K resistance level, impacting the price trajectory of top altcoins. However, Ethereum’s Layer-2 (L2) project, Polygon, has seen a contrasting price movement, highlighting a waning interest in this cryptotoken. Given the market volatility and shifting sentiments, the question arises: will MATIC price stage a comeback or descend to lower depths?

Polygon Price Insinuates A Bullish Reversal

Amidst the prevailing bearish market sentiment, MATIC price has registered a decline of 1.21% in the past 24 hours, accompanied by a substantial drop in trading volume to the tune of 33.42%. Moreover, the altcoin has incurred a loss of 21.99% over the last 30 days and a year-to-date devaluation of 42.24%.

Chart: TradingView MATIC /USD 1Day

Further analysis reveals the formation of a triangle pattern by Polygon coin price on the 1D timeframe. Since mid-March, the altcoin has been trading within this pattern, with no clear breakout yet. However, as the apex of the triangle approaches, the possibility of a breakout increases, and the direction will determine whether MATIC price will rally or decline.

Currently trading at a price of $0.5597, with a circulating supply of 9,874,443,895 **MATIC** and a total supply of 10 Billion **MATIC** tokens, the Polygon **crypto** ranks 19th on the global cryptocurrency list, boasting a market cap of $5.535 Billion.

MATIC Market Sentiments: A Closer Look

The Moving Average Convergence Divergence (MACD) indicator showcases a continuous decrease in the red histogram, highlighting an increasing price momentum for MATIC crypto in the market. Furthermore, the averages indicate a high probability of a bullish convergence, suggesting a potential shift toward a bullish outlook. On the other hand, the technical indicator, SMA, is poised to experience a positive crossover, indicating an increase in both buying and selling pressure for the Polygon token in the cryptospace.

Could Polygon Hit $1 In 2024? A Realistic Goal

If the market picks up steam and MATIC coin price begins to trade bullishly, it will encounter its resistance trendline of the triangle pattern. Sustaining the price at that level will propel Polygon price toward its upper resistance level of $0.690 in the coming time. Conversely, if the bears continue to outmaneuver the bulls, **MATIC** price may plunge toward its crucial support level of $0.50 during the upcoming weeks.

The above is the detailed content of Polygon (MATIC) Price Hints A Bullish Reversal?. For more information, please follow other related articles on the PHP Chinese website!