Amid the current market uncertainty, the Polygon coin price showed notable resilience above the $4.945 mark. This altcoin currently trades at $0.992 and shows lower price rejection at this support reflecting the buyer’s accumulation. As the price has surged above 50% of the last correction phase, the buyers stay the dominant force in this asset, increasing the likelihood of a bullish trend.

Also Read: Polygon (MATIC) Price Jumps 6% After Reddit Said Its Dabbling With the Altcoin

Can Polygon Price Sustain above $1?

Polygon Coin Price

For over a month, the Polygon coin has witnessed steady growth with the price rebounded from $0.718 to $0.9995, registering a 40% gain. This V-shaped rally aligned with the increased volume reflects an aggressive rally and the buyers having an upper hand.

On February 18th, the coin price breached a key resistance of $0.948, providing buyers the next footstep for the higher rally. However, with the leading cryptocurrency Bitcoin moving sideways, the altcoin market has witnessed waning bullish momentum including Polygon coin.

The daily candle with a long rejection candle at this support indicates the buyers are experiencing renewed buying pressure. A potential upsurge from this level will push the MATIC price by 10% to challenge the last swing resistance of $1.1.

An analysis of the daily time frame chart shows the current upswing is part of a long-coming chart pattern called a symmetrical triangle. This pattern intact for the past 2 years has a strong influence on the polygon’s near future.

Under the influence of this pattern, the $1.1 breakout will surge the price another 20% to hit the downsloping resistance trendline. If history is an indicator, the MATIC price is likely to face intense supply pressure at this barrier which may promote the continuation of the sideways trend.

Also Read: Polygon (MATIC) Whale Diversify Their Holdings With Innovative A.I Trading Technology

Technical Indicator:

Exponential Moving Average: The slow-moving 200-day EMA reflects the broader trend is sideways
Moving Average Convergence Divergence:  A bullish crossover between the MACD and signal line reflects a short trend trend is a bullish.

The post Here’s Why Polygon Coin Price Is Set For 35% Rally appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am