Amid the recent correction trend in the crypto market, the Polygon price rally witnessed a notable downturn from the $1.28 resistance. This bearish reversal tumbled the coin’s market value by 18% to reach the current trading price of $1.06. Despite the continuous downward trend across the wider market, MATIC’s price is now positioned at a critical juncture of key support levels, presenting a pivotal moment for MATIC investors.
Also Read: Breaking: Bitcoin to Hit $150K, Ethereum $8K in 2024 – Standard Chartered
Will $1 Support Prevent a Slide to Lower Levels?
Over the past two months, the Polygon coin 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. 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.
#Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7
— Ali (@ali_charts) March 16, 2024
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.
Also Read: Bitcoin Halving: Analyst Unveils Key Phases & Potential BTC Price Momentum
How Will Polygon Price Navigate If $1 Support Breaks?
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.
- BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator acts as an additional support level to maintain this recovery trend.
- 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.
The post Will Polygon Price Soar to $1.3? Multiple Support Sets Stage for Fresh Recovery appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed