Polygon Price Prediction: In a climate riddled with market uncertainty, Polygon coin has emerged as a beacon of stability, effectively maintaining its ground above the pivotal $0.75 support mark. The past eight days have witnessed a commendable rally in the MATIC value, culminating in a 43% surge, with the altcoin now trading at the $1.07 mark. This upturn signifies the coin’s exit from a month-long consolidation phase, thereby renewing the momentum in its recovery trajectory.

Also Read: Polygon (MATIC) Price Gives A Strong Breakout Above $1, Expect 70% Rally Ahead

Triangle Pattern Sets MATIC Rally to $1.4

A bullish breakout from the triangle pattern sets MATIC price on the direction rally
A bullish crossover between the 100-and-200-day EMA could attack more buyers in the market.
The intraday trading volume of the MATIC coin is $2.5 Billion, showing a 192 gain.

The consolidation phase for Polygon price began in mid-November, a response to the coin retracting from a monthly high resistance point of $0.84. This period was characterized by fluctuations within two converging timelines, laying the groundwork for a bullish pennant pattern. 

This pattern typically observed during an uptrend allows for a temporary respite, enabling buyers to regroup and gather strength for the next upward movement. Recently, there has been a notable increase in buying activity, which culminated in a decisive breakout from the pattern on December 26th. 

This breakout has significantly intensified the buying pressure, propelling the MATIC price past the important psychological threshold of $1. This upward movement was further underscored by an 11.5% increase in the coin’s value within a single day, accompanied by a substantial rise in trading volume. 

This combination of factors strongly reinforces the perception of a bullish trend among investors. Looking forward, the momentum generated by this pattern indicates a potential rise in the Matic price by an additional 10%, aiming for a target of $1.2, followed by $.14

Open Interest in Futures Soars to $387M, Echoing MATIC’s Growth

The growing investor interest in the Polygon coin is evident from the remarkable growth in open interest for its future. Data from CoinGlass reveals a steep increase from a low of $237.5 million on December 18th to a peak of $387.29 million, a level last observed in November 2022. This surge in open interest, combined with the upward trajectory of MATIC’s price, underscores a renewed confidence among investors and highlights an intensified focus on this digital currency

Exponential Moving Average: A positive alignment between the daily EMAs 20>50>100>200 accentuates the bullish sentiment among traders.
Moving Average Convergence Divergence: A recent bullish crossover between the MACD and signal line indicates the recovery trend is back in action.

The post Polygon Price Prediction As Buyers Escape Correction Trend with 30% Growth Potential appeared first on CoinGape.

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Filed under: News - @ December 27, 2023 2:25 pm